A popular crypto analyst thinks that Ethereum may still be in the consolidation phase despite the recent bullish move, but one of its competitors is ready for a rally. Here are the details.
The analyst, known as Altcoin Sherpa, revealed to his 168,000 followers on Twitter that he follows NEAR Protocol. NEAR Protocol is a smart contract-enabled proof-of-stake (PoS) blockchain that aims to be a cloud computing platform. Its native token NEAR was on a downtrend last month and is now 45% behind its all-time high, but Altcoin Sherpa claims that its Ethereum rival is now offering opportunity. doing.
“NEAR: This is an area that is still interesting to me. 0.786 fibonacci (level), 200-day EMA [üstel hareketli ortalama] etc. $10-$11 continues to be an area that I would like to see as support. I still have lower price orders in case of this nuclear bomb, but overall it looks good.”
The crypto analyst, who also studies Ethereum, thinks that while ETH has regained the $3,000 level, it is highly likely that the leading smart contract platform will need more time to consolidate and potentially make new lows before starting another rally. Moreover, we see the current price action with 2018, when ETH only rallied to kick off another bear market. comparing.
“I think in real macro cycles, bottoms take a long time to form – weeks or months. However, you can have lower highs that can go 2x+ – look at Ethereum in 2018.”
As for Bitcoin (BTC), Altcoin Sherpa takes a neutral stance on the best crypto by market cap. According to him, Bitcoin looks strong in the short term, but it still has work to do to regain the 200-day moving average.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.