A closely watched crypto analyst outlines his next price target for Ethereum (ETH), saying the top altcoin has more potential to expand, while updating his view on Bitcoin (BTC).
In a new thread, crypto trader Kevin Svenson tells its 131,200 followers on social media platform
The trader specifies a short-term price target near $2,515, which is the next major Fibonacci level on the weekly time frame.
“Ethereum hit new yearly highs today. There is plenty of room to run. First target: $2,515 (1,618 Fib) targeting the weekly candle closing structure in 2022.”
Ethereum is trading at $2,252 at the time of writing, up 4% on the day.
In an accompanying video updateSvenson also charts the path for the crypto king to shoot past the $42,000 price tag.
According to the analyst, if the top crypto asset by market cap initially rejects $42,000 but successfully bounces back from its support and consolidates, it could trigger a bigger bull run. Moreover, he notes that BTC could alternatively break the $42,000 level and simply continue to rise.
“If we reach 42,000 and reject [it] and come back to support and we consolidate there, stay above that trend line and we don’t get a quick rejection or a collapse. I would have to say this will likely result in a big continuation, big bullish price action.
Another possibility, another way to know whether it will be bullish or not, or at least to be more certain whether it will be bullish, is to go to that 42,000 zone and not reject it. ”
Bitcoin is trading at $41,411 at the time of writing, up more than 5% over the past 24 hours.
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Generated image: Midjourney