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.”
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.”
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.”
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.”
FET is worth $0.36 at time of writing.
Don’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
The post Crypto Analyst Says Doors Are Open for Ethereum Rally, Updates Outlook on Bitcoin and One AI-Focused Altcoin appeared first on The Daily Hodl.
Go to Source
Author: Joshua Sabatini
