Following a reversal from its two-month support in the $ 1,442 zone, Ethereum (ETH) has seen an increase of over 24% over the past two weeks. It is anticipated that the asset may encounter short-term obstacles shortly.
However, the entire crypto space is currently watching the future market sentiment of ETH, and analysts expect that there will soon be a jump in price.
Ethereum (ETH) will rise versus the US dollar and Bitcoin, according to a well-known cryptocurrency analyst- anonymously known as Kaleo, who has 535,400 Twitter followers.
As per the analyst, Ethereum appears to be headed for a significant rally as it approaches its diagonal resistance on the lower timeframes.
- The resistance indicated by the green arrow below is to be broken before the real price acceleration occurs
- In terms of Bitcoin, Kaleo claims that the ETH/BTC pair has recently bounced from a critical support point and is now poised for a 23% recovery toward his target.
- ETH/BTC is strengthening after the bounce.0.1+ [BTC] is a magnet.
Meanwhile, there will also be a surprise altcoin on the loop that could prove resilient in the current down market.
Kaleo is also keeping a close eye on Cosmos (ATOM), a network of scale-able interwoven blockchains. Given that the pair has been in a protracted accumulation phase, Kaleo said that ATOM/BTC has “amazing power.”
He claimed that the cosmos ecosystem has remained healthy during the weak market and is not likely to fall weak now. A market valuation below $5 billion and two and a half years of consolidation is enough to create the explosive potential for a successful bull run.
“The next few years should see a 3x or more increase in value compared to Bitcoin. Maybe not as attractive as some other plays, but if there’s one thing I’ve learned playing this game for the past five years or more, it’s that safe is almost always preferable to attractive”
In order to establish a long position for a swing trade, traders need to determine whether ATOM’s upward momentum is due to Cosmos-related fundamentals or merely the “stable” market and the fact that Bitcoin and Ether are trading in predictable ranges.