Despite the current gloomy feeling in the crypto markets, a well-known analyst and trader predict a tremendous rally for Ethereum.
Credible Crypto, a pseudonymous analyst with 223,500 followers, believes Ethereum is on the verge of a significant spike that might push the leading smart contract platform past $3,400.
“Taking everything into account, this makes the greatest sense to me. In the next weeks, I believe we will see some respite across the board. Invalidation on a $1,720 touch. ETH”
Ethereum is currently trading at $1,881, with a move up to $3,400 representing a gain of almost 80%.
While Credible Crypto is bullish on Ethereum in the next weeks, he expects Ethereum will give up all of its gains and more following the relief rally. According to the crypto trader, the sell-off will lay the stage for a positive reversal in Ethereum and altcoins in general.
“After the relief (rise), ETH and alts make a lower low, whereas BTC makes a higher low, essentially gaining dominance for the final push up before the reversal.”
The trader also underlines that the crypto bull market, in his opinion, is far from done.
“We are in the midst of a bull market. In the midst of a bull market, this is a downturn…
On the way up, every bull run involves phases of consolidation. This is both required and beneficial for continued growth. Each bull cycle, in my perspective, has been becoming longer. So it’s only logical that this one would take longer than the last, and that we’ll see lengthier periods of consolidation as a result.”
When it comes to Bitcoin, Credible Crypto says he still believes in the top cryptocurrency’s long-term potential.
“I don’t think I’ve seen that much salt and frustration in my comments from bears since the Covid crash in March lol. We all know how that ended out. Bitcoin is up tenfold from its bear market lows, and the rally isn’t over yet. It’s a wonderful life. Bears, relax. BTC.”