The cryptocurrency market is experiencing summer lethargy. Although artificial intelligence-focused coins have seen strong increases with the wind blown by NVIDIA, the leaders of the market follow a more moderate course. However, analysts say some tokens are in the process of rocketing. A cryptocurrency analyst and trader with a wide following states that there is a bullish trend on the leading altcoin Ethereum. The analyst also sees opportunities in two DeFi altcoins.
The final nail in the coffin for Ethereum bears: ATH path is open!
cryptokoin.comAs you follow from , uncertainty and the summer effect led to a recession in the market. However, analysts make statements that this recession will deteriorate in one direction. However, there is still belief that some cryptocurrencies will perform well. Popular analyst with the pseudonym Credible Crypto says that the leading altcoin Ethereum is unlikely to fall below $1,600. He also notes that ETH’s support level lies between $2,800 and $3,430.
According to Credible Crypto, the US SEC’s decision to end an investigation into whether Ethereum is a security serves as a bullish catalyst that could send ETH to a new all-time high. In this context, the analyst said, “The SEC withdrawing its securities investigation into ETH will likely be the final nail in the coffin for the bears here.” says.
Meanwhile, Ethereum was trading at $3,590 at the time of writing, up 1.45% on a daily basis. The leading altcoin increased by 2.5% on its weekly chart.
Two DeFi altcoins on analyst radar: They could turn into rockets!
Credible Crypto is looking at Curve DAO (CRV), a DeFi altcoin after Ethereum. The analyst says CRV presents a similar opportunity to venture capitalists and other large investors who stepped in to prevent a deeper selloff after an exploit last year. In this regard, Credible Crypto makes the following statement:
Now you have the opportunity to get into the backbone of DeFi for less than the big boys who had over-the-counter deals at $0.40 a year ago.
Another DeFi altcoin on the analyst’s radar is Convex Finance (CVX). Credible Crypto says CVX is currently experiencing tight liquidity. According to the analyst, most of CVX tokens are locked or staked. Additionally, the circulating supply of tokens is about to reach maximum supply. At this point, the analyst predicts an explosion. In this vein, Credible Crypto said of CVX, “Once things start to heat up, supply shortages will make this thing rocket.” says.
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