A widely followed crypto analyst says Ethereum (ETH) appears poised to move higher after showing price stability over the past two weeks.
In a new strategy session, pseudonymous crypto trader Rekt Capital tells According to its 519,700 followers on social media platform
“ETH: the retest after the outbreak was successful. And sure enough, it enabled a challenge for $4,000 (red). In fact, Ethereum is holding the $4,000 (red) area as new support for the second week in a row. Continued price stability here [means] renewed benefit.”
Looking at his chart, the trader suggests that ETH could soon rise to $4,542.
Ethereum is trading at $3,956 at the time of writing, up nearly 28% in the past 30 days.
However, the analyst say that Bitcoin (BTC) may continue to outperform altcoins as Bitcoin dominance (BTC.D) – the ratio of BTC’s market cap versus the market cap of all crypto assets combined – rises again.
At the time of writing, BTC.D is at 57.80%.
“Bitcoin Dominance: Sharp Rebound for BTC.D. A green 57.68% recovery as support would allow Bitcoin dominance to regain momentum in its macro uptrend. BTC.D is on the cusp of regaining this level as we speak to confirm ‘Bitcoin Season’.”
Finally, the analyst warns that based on historical priority, Bitcoin could soon experience a sudden correction before rising again.
‘It’s week seven. In 2013, Bitcoin retreated in week seven of price discovery. In 2017, Bitcoin fell -34% in week eight of price discovery. In 2021, Bitcoin retreated -16% in week six. Will history repeat itself? Or will Bitcoin go against history?…
Price sensing corrections are a normal part of the BTC cycle. And she has experienced every cycle. Especially since Bitcoin has already experienced multiple pullbacks of -25% in and around the halving.”
Bitcoin is trading at $106,972 at the time of writing, up more than 18% in the last 30 days.
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Generated image: DALLE3