A trader who accurately called Bitcoin’s (BTC) epic 2022 meltdown thinks Ethereum (ETH) is gearing up to revisit its all-time highs
Pseudonymous analyst Capo tells his 847,900 followers on the social media platform X that he’s bullish on Ethereum as long as it holds its immediate support at $3,600.
“ETH looking good for bullish continuation.”
Based on the trader’s chart, he appears to predict that Ethereum will rally to $4,100 before a slight correction and a move toward its all-time high at around $4,900.
At time of writing, Ethereum is worth $3,683, a fractional decrease in the past day.
Looking at the broader crypto market, Capo says the marketwide correction last Friday is most likely a sell-off event designed to shake out weak hands. According to the analyst, crypto will see renewed rallies if BTC stays above $69,000 and ETH trades higher than $3,600.
“Strong sell-off into support. Alts suffered more, but it looks like a shakeout to be honest. If these support levels hold, we should see bullish continuation soon.”
At time of writing, Bitcoin is worth $69,429.
Capo also says that he still believes altcoins will ignite surges this month even after last Friday’s correction.
“I think June could be a really good month for altcoins.”
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