A popular crypto analyst believes that leading smart contract protocol Ethereum (ETH) is gearing up for a massive explosion this year.
Pseudonymous analyst Kaleo tells his 562,500 Twitter followers that Ethereum may be mirroring its price action between late 2018 to 2020 when ETH rallied from a low about $80 to around $480.
“Every major run up has minor pullbacks where you’ll hear from the crowd that the move is over. ETH still has higher to send this year.”
Looking at Kaleo’s chart, he appears to be predicting a big Ethereum surge toward the $3,000 level in the coming months. At time of writing, ETH is trading at $1,534, suggesting a upside potential of nearly 100% for the leading altcoin if it manages to hit Kaleo’s target.
As for Bitcoin (BTC), the crypto analyst believes that a pullback to the low $21,000 region is likely in order for the king crypto before it resumes its rally.
“Didn’t get the initial break higher I was hoping for, but I still believe we’ll see a bounce off the retest of the high timeframe trend breakout acting as support. Just gives a bit more of an opportunity to stack. $30,000 is still a magnet.”
Amid emerging bearish momentum, Kaleo reminds his followers that Bitcoin also witnessed a deep correction in September 2017 from about $5,000 to below $3,000 before rallying to a high of $20,000 in the same year.
“This is what Bitcoin looked like in the middle of September in 2017. Everyone thought it was over then, too.”
At time of writing, Bitcoin is worth $21,829, a fractional increase on the day.
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The post Trader Forecasts Massive Incoming Ethereum Rally – But There’s a Catch for Bitcoin appeared first on The Daily Hodl.
