A widely tracked crypto analyst believes that leading smart contract platform Ethereum (ETH) is gearing up for a massive rally as it begins to flash signs of strength.
Pseudonymous crypto strategist Altcoin Sherpa tells his 180,200 Twitter followers that he sees a huge surge incoming for Ethereum in the coming weeks after ETH took out its resistance at $1,281.
Although the crypto analyst is bullish on top altcoin in the short term, he warns that the rally won’t likely be the start of a fresh bull cycle.
“Here are some levels. I think that we see something like $1,700-$1,900 in the coming weeks. This is NOT a macro reversal, in my opinion, just another bear market rally. Exponential moving averages flipped bullish on the four-hour chart for the first time since end of March.”
At time of writing, Ethereum is swapping hands for $1,356. A move to Altcoin Sherpa’s target marks an upside potential of over 40% for ETH.
Looking at Ethereum against leading digital asset Bitcoin (ETH/BTC), the crypto strategist says the pair has also torched its immediate resistance, which he notes bodes well for altcoins.
“If ETH/BTC has bottomed in the short term then I think that altcoins continue to have a little mini run for a few weeks. But I still don’t view this as the macro bottom personally. I assume we’re going to have these mini bear market rallies every few months.”
Traders use the ETH/BTC chart to gauge how altcoins will likely perform against Bitcoin. A bullish ETH/BTC chart suggests that altcoins are likely poised to outperform BTC.
At time of writing, the ETH/BTC pair is trading at 0.064 BTC ($1,342), close to hitting Altcoin Sherpa’s next target of 0.065 BTC ($1,363).Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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