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.
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.