With Ethereum price trading above $2,000, crypto analysts expect more upside momentum. According to technical analysis, DOGE and LINK can follow the price movements of the leading altcoin.
Michaël van de Poppe thinks the rally will spread throughout the market
The popular crypto analyst said that Bitcoin is showing signs of upside continuation after Ethereum’s highly anticipated rise. In his current analysis, he sees that the crypto market is slowly recovering after ETH fell for the first time after yesterday’s rise.
The Shanghai upside was priced positively, with ETH having a slight price drop yesterday and is now up 5%. Taking a serious look at Ethereum, Van de Poppe states that he believes it can continue its upward trajectory.
$33,000 expected in bitcoin price
As for BTC, the analyst expects the leading crypto to hit $33,000 before a pullback.
According to Poppe, “Bitcoin is looking at a situation where we continue to rise. As long as we stay above the $28,600-$27,800 zone, the markets will not hold back substantially. lower timeframes; maybe $29,300 would be a great entry. Continuation goals; $32,400-33,000 dollars.”
FTX Token (FTT) among risky altcoin projects
Finally, in the news that FTX is considering reopening after recovering $7.3 billion in assets, Van de Poppe warned traders not to return to the exchange token:
I would not recommend buying FTT. The potential risk of buying here is quite high. The chances of FTX going live again are very slim, which raises the question of whether FTT had a purpose in this. I think markets offer better opportunities.
Altcoin Sherpa awaits rally on these 3 altcoin charts
In his new analysis, the technical analyst said that Chainlink (LINK) could rise as high as 300% to its current price range of $7.61. However, explosive growth awaits in Dogecoin and Solana. He says that LINK has been in the accumulation phase for about a year and will be on the rise at some point. However, he states that this could take months.
Then, he predicts, DOGE will see continued surges and pullbacks, like when Elon Musk replaced the Twitter logo with the DOGE logo earlier this month. cryptocoin.com In this article, we have included the Twitter move in which the DOGE price increased by 30%.
Finally, Sherpa says Solana’s fundamentals seem strong. It expects a retracement from its current price of $24.75 to $20 and then an increase to $32. According to their analysis:
Solana looks good. I actually believe it will be resistance at $26. It makes sense for this area to be a resistance as well because you can see that the price will never break above this level in the early 23’s. We haven’t really seen the price above this level since the FTX dump, where the price dropped from $30 to $10.
Senior Bloomberg analyst updates ETH price analysis
Bloomberg Intelligence senior macro strategist Mike McGlone questioned what this means for the altcoin market as the ETH price hovers above $2,000. McGlone suggests that it could signal the resumption of a bull market or the maturation of a downtrend before a bearish move.
Basing his opinion on the current economic environment, where US bank deposits have fallen the fastest since 1971, the expert says he is more inclined to the second option. While the Fed continues to tighten monetary policy, it may be unreasonable to wait for the banking crisis to end.
While the rise of Ethereum to $2,000 may seem like a positive development from the experts’ point of view, it’s important to consider the broader economic context. The ongoing banking crisis and the Fed’s tightening measures could hinder sustained market growth. Additionally, McGlone says that Ethereum’s price cap has been holding around $2,000 since it fell below $1,000 in June, shortly before the transition to PoS in 2022.
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