In a new thread, crypto trader Kevin Svenson tells his 131,200 followers on the social media platform X that even though the leading smart contract platform has reached new yearly highs, it still has more room to run.
The trader details a short-term price target near $2,515, which is the next major Fibonacci level on the weekly timeframe.
“Ethereum has reached new yearly highs today. There is a lot of room to run. First target: $2,515 (1.618 Fib) targeting 2022 weekly candle close structure.”
Ethereum is trading for $2,252 at time of writing, a 4% increase on the day.
In an accompanying video update, Svenson also lays out the path for the crypto king to shoot past the $42,000 price tag.
According to the analyst, if the top crypto asset by market cap initially rejects $42,000 but successfully bounces off of its support and consolidates, it could spark a bigger bull run. Furthermore, he notes that BTC could alternatively break right through the $42,000 level and simply continue rising.
“If we hit 42,000 and reject [it] and come back to support and we consolidate right there, remain above that trend line and we don’t get a quick rejection or a breakdown, I should say this is probably going to result in a major continuation, major bullish price action.
Another possibility, another way to know if it’s going to be bullish or not or at least be more sure if it’s going to be bullish is if we get up to that 42,000 zone and we don’t reject it.”
Bitcoin is trading for $41,411 at time of writing, up over 5% during the last 24 hours.
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney