Analyst Predicts Ethereum Will Reach New All-Time Highs
A respected cryptocurrency analyst predicts that Ethereum (ETH) is on track to reach new all-time highs (ATHs). Altcoin Sherpa, a pseudonymous trader, shared his insights with his large following on social media platform X, indicating that ETH is poised for a significant breakout against Bitcoin (ETH/BTC).
- Altcoin Sherpa warns of resistance at 200-week EMA for ETH/BTC
- The 200-week EMA poses a challenge for ETH/BTC
- Potential for downside before breakout, according to the analyst
While acknowledging the resistance posed by the 200-week exponential moving average (EMA) for the ETH/BTC pair, Altcoin Sherpa remains optimistic about Ethereum’s long-term potential. He highlights that despite the current bearish trend, ETH to ATH is still a certainty, although he cautions that the ongoing price action may be cause for concern.
Bitcoin Dominance Expected to Continue
Altcoin Sherpa also shares insights on Bitcoin Dominance (BTC.D), emphasizing that this metric will likely remain bullish throughout the fourth quarter of the year. This could result in a scenario where altcoins may underperform in comparison to Bitcoin until later in the year, suggesting that now may be a good time to accumulate altcoins for potential future gains.
- Altcoin Sherpa predicts continued Bitcoin dominance
- Recommendation to accumulate altcoins until late Q4
- Expectation for altcoin action in Q4
According to Altcoin Sherpa’s analysis, Bitcoin Dominance (BTC.D) is likely to peak at around 64%, representing a significant increase from its current levels. This observation underscores the trader’s belief that Bitcoin will maintain its dominance in the market for the foreseeable future, impacting the performance of altcoins in the coming months.
The post Ethereumβs Prospects for Hitting New All-Time High a βCertainty,β Says Crypto Trader β But Thereβs a Catch appeared first on The Daily Hodl.
Hot Take: Ethereum’s Trajectory Towards New All-Time Highs
As per Altcoin Sherpa’s analysis, Ethereum is poised for a significant upward trajectory towards new all-time highs (ATHs). While facing resistance at the 200-week exponential moving average (EMA) for the ETH/BTC pair, the overall outlook remains positive for the leading cryptocurrency.
Altcoin Sherpa’s insights into Bitcoin Dominance (BTC.D) indicate that the dominance of Bitcoin in the market is expected to persist, impacting the performance of altcoins in the short term. This forecast highlights the need for strategic accumulation of altcoins ahead of potential market shifts in the fourth quarter.
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