Pseudonymous crypto analyst Smart Contracter tells his 210,300 Twitter followers that leading smart contract platform Ethereum appears to be en route for an exhaustion rally to around $2,000 before losing over 36% of its value from the high.
“If ETH makes a new high here on the weekend, it sets up for a five wave move complete on daily and a potential top in the new week when legacy markets open. ‘If’ it confirms with a new high, some good longer-term buying opportunities should present around the $1,270 mark in the coming month.”
At time of writing, Ethereum is swapping hands for $1,682, a 3.07% decrease on the day.
Fellow crypto analyst Pentoshi agrees with Smart Contracter’s outlook on ETH. Pentoshi tells his 592,300 Twitter followers that he believes Ethereum will likely correct as it struggles to sustain its momentum around a major resistance area.
“I love a good doji on the weekly. What often follows after it gets into resistance? You can make an argument that weakness is being shown at resistance. You wouldn’t believe what comes next.”
While Smart Contracter and Pentoshi are bearish on ETH, popular crypto strategist Altcoin Sherpa says Ethereum has a good shot of keeping its bullish momentum alive if it manages to breach resistance at $1,700.
“Keep it simple. If Ethereum gains acceptance into this range, then I think we could see a move up to the highs in the low $2,000. Everything continues to pump if this happens because ETH/USD leads the market, in my opinion.”
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.
Featured Image: Shutterstock/Media Castle