Crypto Analyst Says Doors Are Open for Ethereum Rally, Updates Outlook on Bitcoin and One AI-Focused Altcoin
A crypto analyst who nailed the top of Bitcoin’s (BTC) 2021 bull market says that Ethereum (ETH) is well-positioned to move another leg up after suddenly entering a new trading range.
Pseudonymous analyst Pentoshi tells his 706,400 followers on the social media platform X that Ethereum could soar more than 21% from its current value.
“ETH: closing this weekly back inside the range opens up the doors to $2,200.”
Source: Pentoshi/X
Looking at his chart, the analyst believes that ETH convincingly crossed the lower bound of a new trading range between $1,796 and $2,200.
The analyst also says that Ethereum against Bitcoin (ETH/BTC) corrected to a key psychological level, indicating a bounce is likely.
“Despite it severely underperforming BTC, it’s now beginning to enter the demand zone on the ETH/BTC ratio.”
Source: Pentoshi
ETH/BTC is trading for 0.0524 BTC ($1,810) at time of writing.
The analyst also weighs in on Bitcoin, and he predicts that the top digital asset will remain in an uptrend as long as a key price range holds as support.
“BTC is bullish as long as [it remains] above the $31,500-$32,500 area. Thus, I’ll continue to have bullish bias unless a deviation occurs as an invalidation.”
The analyst also believes Bitcoin could continue to rally across the $40,000 level in the coming weeks.
“The most important levels to play [are] marked. Closing below purple equals likely deviation and invalidation. $40,000-$42,000 on the table in the weeks ahead.”
Source: Pentoshi/X
Bitcoin is trading for $34,511 at time of writing.
Lastly, the analyst updates his outlook on artificial intelligence (AI) altcoin Fetch.AI (FET). He predicts a period of consolidation before a move toward the $0.496 range high.
“Update: likely going to get a little consolidation around this area which is the mid-range of the larger resistance and support mapped out, especially after such a strong move. So [I’m] expecting a small pullback and some sideways over the next few days before any attempts to go to the top of that previous range on FET.”
Source: Pentoshi/X
FET is worth $0.36 at time of writing.
Generated Image: Midjourney
The post Crypto Analyst Says Doors Are Open for Ethereum Rally, Updates Outlook on Bitcoin and One AI-Focused Altcoin appeared first on Crypto News Australia.
Filed under: Bitcoin - @ October 31, 2023 8:23 pm