A Crypto Analyst Sets a Price Target for Ethereum, Predicting Further Growth
A well-known crypto analyst has shared his Ethereum (ETH) price target, suggesting that the leading altcoin still has plenty of room for expansion. The trader, Kevin Svenson, took to social media to inform his followers that although Ethereum has already reached new yearly highs, it is not done yet.
Svenson’s short-term price target for Ethereum is around $2,515, which corresponds to the next major Fibonacci level on the weekly timeframe. He believes that Ethereum still has significant potential for growth based on its recent performance.
At the time of writing, Ethereum is trading at $2,252, showing a 4% increase in value over the day.
An Update on Bitcoin’s Outlook
In addition to his Ethereum analysis, Svenson also provided an update on Bitcoin (BTC). According to him, if BTC initially rejects the $42,000 level but manages to bounce off its support and consolidate, it could trigger a larger bull run. Alternatively, if Bitcoin breaks through $42,000 without rejection, it may continue its upward momentum.
As of now, Bitcoin is trading at $41,411, with a more than 5% increase in the last 24 hours.
Hot Take: The Future Looks Promising for Ethereum and Bitcoin
Crypto analyst Kevin Svenson predicts further growth for both Ethereum and Bitcoin. With a short-term price target of $2,515 for Ethereum and potential bullish price action for Bitcoin if it consolidates above $42,000 or breaks through without rejection. These predictions suggest that there is still significant upside potential for both cryptocurrencies. As always with investing in cryptocurrencies, it’s important to do your own research and consider multiple perspectives before making any investment decisions.
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