A popular analyst is digging into the charts to provide updated price targets for Ethereum (ETH) and a trio of crypto assets.
Michaël van de Poppe first tells his 624,300 Twitter followers that Ethereum’s price keeps rising even as funding rates dry up in advance of the project’s mid-September transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) one.
“Funding on ETH remains extremely negative, while ETH is running upwards.
People are eager to short ETH as:
-Expectations are Merge will fail.
-It’s a bear market relief rally.
-Markets will only drop further downwards.
Max pain is on the upside.”
The analyst also provides a chart tracking ETH funding rates throughout 2022 that was created by technical analyst Quincy Diepeveen. The most recent data shows funding deep in the red.
Van de Poppe adds that he sees many digital assets seeking to test their resistance levels after recovering from a marketwide weekend price dip, with Ethereum potentially headed back above $2,000.
“Decent retests across markets happening and ETH, for instance, is still on the path towards $2,200 as one of the biggest events is approaching -> the Merge.
I’m still expecting continuation of this upwards structure, whether or not Bitcoin sweeps $19,000 for liquidity.”
At time of writing, Ethereum is up 1.84% and trading for $1,554.
Moving on to ETH competitor Fantom (FTM), the chart guru expects the altcoin to maintain recovery momentum after it plummeted from above $0.40 back in mid-August.
“This one looks ready for continuation, which is similar to the entire market.
It needs to break and flip $0.29 and then $0.35 is possible.”
Fantom is currently up nearly 4% and priced at $0.27.
Also on Van de Poppe’s watch list is peer-to-peer video distribution platform Theta Network (THETA), which has been ranging below $2 since crashing back in May. The analyst sets two levels of resistance, the first at $1.20 and then $1.60.
“This one is very simple, just like many coins here.
Looking for 2 triggers:
– Either sweep of lows and reclaim.
– Break above $1.20 for continuation trigger.
Target then: $1.60.”
Theta Network is up 4.66% and changing hands for $1.19.
Regarding the Ethereum scaling solution Skale (SKL), the crypto trader expects a breakout and is simply waiting for the spark that will kick off the rally.
“Nothing changed here and very similar to THETA.
Patiently waiting for any trigger, but these triggers can accelerate quite fast.”
At time of writing, Skale is up 2.68% with an asking price of $0.049.
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Featured Image: Shutterstock/MoVille/Tomasz Makowski
