A widely followed trader and analyst is leaning bullish on Ethereum (ETH) amid bearish sentiment on the second-largest crypto asset by market cap.
The analyst pseudonymously known as Credible Crypto tells his 459,300 followers on the social media platform X that Ethereum appears bullish on the monthly time frame despite the sentiment being bearish.
[adinserter block="1"]“We don’t always get high time frame price action that is this clean and the only thing I like better than crystal clear high time frame price action is sentiment to be in the absolute gutter along with it.
ETH is going to come back with a vengeance in the coming months and ironically enough, it seems it’s going to leave some of its strongest supporters (former .eths, Ethereum users who have human-readable names as their wallet addresses) behind.”
According to the pseudonymous trader, Ethereum could go up by more than 195% from the current price.
“$10,000 is a bare minimum once we break out in my opinion, and I think $20,000 is certainly not unreasonable by the end of the cycle.”
Over the shorter term, Credible Crypto says that Ethereum will find stiff resistance at around the $4,000 price level.
“…while my original plan was to take profit at the range highs above $4,000, I will most likely be locking in gains at around $3,800-ish as there’s a chance we reject at local supply (roughly between $3,800 and $4,100) within this range.”
Ethereum is trading at $3,390 at time of writing.
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