A trader who accurately called Bitcoin’s (BTC) epic 2022 meltdown thinks Ethereum (ETH) is gearing up to revisit its all-time highs
Pseudonymous analyst Capo tells his 847,900 followers on the social media platform X that he’s bullish on Ethereum as long as it holds its immediate support at $3,600.
“ETH looking good for bullish continuation.”
Based on the trader’s chart, he appears to predict that Ethereum will rally to $4,100 before a slight correction and a move toward its all-time high at around $4,900.
At time of writing, Ethereum is worth $3,683, a fractional decrease in the past day.
Looking at the broader crypto market, Capo says the marketwide correction last Friday is most likely a sell-off event designed to shake out weak hands. According to the analyst, crypto will see renewed rallies if BTC stays above $69,000 and ETH trades higher than $3,600.
“Strong sell-off into support. Alts suffered more, but it looks like a shakeout to be honest. If these support levels hold, we should see bullish continuation soon.”
At time of writing, Bitcoin is worth $69,429.
Capo also says that he still believes altcoins will ignite surges this month even after last Friday’s correction.
“I think June could be a really good month for altcoins.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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