A widely followed analyst is expressing bullish sentiment on Ethereum (ETH) amid the crypto market trading in a range.
Pseudonymous crypto trader Altcoin Sherpa tells his 196,100 Twitter followers that Ethereum could go up by about 59% and reach within sight of $3,000 before correcting.
Based on his chart, Altcoin Sherpa projects that Ethereum could rise above $2,000 in this year’s third quarter and then over $2,700 in the fourth quarter before reversing to around $1,250.
“ETH: Wouldn’t be surprised to see this go as high as near $3,000 before a pullback. Still to be determined how far the pullback would go; it’s going to depend on the macro economy, in my opinion. Still bullish for now though.”
Ethereum is trading at $1,890 at time of writing.
Altcoin Sherpa also offers his analysis on Solana (SOL). The crypto trader says that the 10th-largest crypto asset by market cap could plummet by about 22% after reaching a key resistance level. Altcoin Sherpa also says that the ongoing bankruptcy process of the FTX crypto exchange could result in the supply of Solana in the market increasing. FTX’s crypto trading arm, Alameda Research, is a large holder of Solana.
“SOL: this one comes down a little bit to $17, in my opinion. After that, I have no idea. The 200-day Exponential Moving Average (EMA) is usually a Support/Resistance level in most cases; this is also a supply zone. I still am bullish SOL in the coming years but scared of the overhead supply from potential FTX stuff.”
Solana is trading at $22 at time of writing.
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