Altcoins

Ethereum (ETH) and Altcoins Ready to Explode! Bears to lay low Soon?

Written by: Sara K

Written by right arrow

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

  • author facebook
  • author twitter
  • linkedin

Jan 14, 2022

news-image

The crypto market has been in the red since the new year began, with the first week bringing down the most valuable coins by double digits as fear, uncertainty, and doubt (FUD) gripped the global economy amid concerns about inflation, liquidity, and the US Federal Reserve’s next move.

Advertisement

After weeks of continuous sell-offs, a well-known crypto trader predicts a major bounce throughout the crypto markets.

Credible, a pseudonymous analyst, informs his 293,800 Twitter followers that Ethereum (ETH), the dominant smart contract platform, is primed to soar as it flashes many bullish indications.

His target range of $3000-$3300 was hit, and the token is starting to see signs of relief. On both the USD and BTC pairings, there are multiple bullish divs on lower TF.

In his perspective, the probability of upside from current levels is greater than the probability of downside. For the time being, he is aiming for $3500 (a retest of the breakdown).

When it comes to Ethereum (ETH) and Bitcoin (BTC), the crypto expert says he’s positive on the pair and cryptocurrencies in general as long as ETH/BTC stays above support at 0.07 BTC ($2,984.04.)

He says ‘zoom out’ when people claim ETH/BTC looks bad here.ETH/BTC has had a MAJOR breakout, as as he detailed in a Youtube video a few months ago,as long as we are presently above this level, ETH (and alts) should rebound back HARD from this slump.

ETH Price Action

The price has held far above the $3,000 support level, but has yet to fully recover, having lost 4.6 percent in the last seven days.

If the present relief rally continues, ETH has a high possibility of retesting critical resistance at $3,600, which will almost certainly be met with resistance.

Traders have taken profit at about $3,300 after entering at the crucial support, where the market currently appears to be consolidating, according to the current price action. 

Show More

Was this writing helpful? myImage dislikeimage

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

Related Articles

Back to top button