Despite the current pessimistic view in the crypto markets, a prominent analyst and trader Kaleo predicts a big climb in Ethereum’s value within the next 12 months.
In a new interview, Kaleo looks back on the success of the leading smart contract platform in 2017, when Ethereum (ETH) fell from roughly $400 to under $200 in a month before soaring to $1,440 in 2018.
“In 2017, about a year after the halving, there was a 70% drop, and everything appeared to be dead. [ETH] was able to recover and surpass its previous peak. We’ve been around for about the same amount of time since then. A similar type of drop and support is shown here (June 2021). As far as the high period bullishness is concerned, there are a lot of factors aligning up.”
Kaleo expects that Ethereum will stage a parabolic rally from its high timeframe support en route to a new all-time high of $18,000 by July 2022, based on its 2017 price activity. From Ethereum’s current price of $1,870, the possible move indicates an increase of almost 862 percent.
Although Kaleo remains positive on Ethereum in the long run, he says he’s willing to reconsider his position if ETH breaks below its high timeframe support, which is now hovering around $1,700.
Last month, the well-known crypto trader predicted that Ethereum will reach $10,000 by the end of the year.
“Here are my forecasts for the second half of 2021:
More institutional / government adoption – More institutional / government FUD.” – BTC enters 6-figure price discovery – ETH breaks beyond $10,000 – We see one more major alt season – More institutional / government adoption – More institutional / government FUD.”
Michaal van de Poppe, a fellow crypto expert, is likewise interested in Ethereum. Ethereum is on the verge of shattering important support at $1,741, according to the crypto trader. Van de Poppe believes Ethereum will fall to its 2018 high of about $1,400 if bulls fail to hold this level.
“After rejecting at $2,400, Ethereum has returned to support.”