Ethereum (ETH) has attracted bullish sentiment from a highly regarded analyst, Altcoin Sherpa, amid the cryptocurrency market’s ongoing trading range. With a significant Twitter following of over 196,000 followers, Altcoin Sherpa predicts that Ethereum could potentially increase by approximately 59%, reaching close to $3,000, before experiencing a correction.
Altcoin Sherpa’s chart indicates that Ethereum’s price could surpass $2,000 during the third quarter of this year, and then rise above $2,700 in the fourth quarter. However, it is expected to subsequently decline to around $1,250 in a corrective phase.
While Altcoin Sherpa acknowledges that the extent of the pullback will depend on the macroeconomic conditions, the trader remains bullish on Ethereum for the time being. This suggests that even with a potential correction, Ethereum’s price could reach new highs in the near future.
Currently, Ethereum is trading at $1,890, according to the latest data.
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Altcoin Sherpa also provides insights into the price movement of Solana (SOL), the 10th largest cryptocurrency by market capitalization. The crypto trader suggests that Solana could face a decline of approximately 22% after reaching a key resistance level. Additionally, Altcoin Sherpa highlights concerns regarding the ongoing bankruptcy process of the FTX crypto exchange, which may increase the supply of Solana in the market. As Alameda Research, FTX’s crypto trading arm, holds a large amount of Solana, the potential increase in supply could impact the cryptocurrency’s price.
Altcoin Sherpa expresses his opinion that Solana could decrease to around $17, marking a potential support level. However, after that point, he admits uncertainty regarding the price movement. The trader notes that the 200-day Exponential Moving Average (EMA) often functions as a support or resistance level and highlights the potential impact of overhead supply resulting from the unresolved issues related to FTX.
Currently, Solana is trading at $22, according to the latest data.
Altcoin Sherpa’s analysis has generated interest and speculation among cryptocurrency market participants. As Ethereum and Solana are both popular cryptocurrencies with significant communities and market activity, the analysis carries weight in shaping market sentiment.
It is important for investors to conduct their due diligence and research before making any investment decisions. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Therefore, investors should be cautious and consider their risk tolerance before engagement.
In summary, Altcoin Sherpa’s bullish sentiment on Ethereum and cautionary analysis on Solana have attracted attention from cryptocurrency market followers. With Ethereum potentially reaching new highs and Solana facing potential risks from increasing supply, market participants will be closely monitoring these cryptocurrencies for possible trading opportunities.
