Popular crypto analyst Altcoin Sherpa says Ethereum (ETH) is likely approaching a cycle bottom in its Bitcoin pair (ETH/BTC).
The pseudonymous trader tells his 230,000 followers on social media platform
“I know everyone is talking about the season right now and no one wants that more than me. However, I think BTC needs to temporarily finish its run before alts can run (aka January 2021).
ETH will likely find a bottom against BTC in the coming months. Here or 0.024 are the areas I keep an eye on.”
At the time of writing, ETH/BTC is trading at 0.034 BTC worth $3,314. A correction towards the analyst’s low target at 0.024 BTC indicates a downside move of almost 30% for the pair.
Altcoin Sherpa is also looking at XRP, the native token for the XRP Ledger (XRPL), which is up about 180% this month. The trader says XRP is one to keep an eye on in the potential upcoming altcoin season.
“XRP is around near its old 2021 high.
Wild, this thing reached ~$3 in 2017.
This dollar will likely flow to DOGE, but regardless, it’s still a dollar to keep an eye on. Accumulation period of several years.”
At the time of writing, XRP is trading at $1.38.
Altcoin Sherpa too reveals some of its highest beliefs, including Bitcoin, Ethereum, Solana (SOL), and altcoins in the memecoin and artificial intelligence (AI) sectors.
“Current bags:
main subjects BTC/ETH/SOL
DOGE scoffs
mocks BONK.
If I were fully in office, I would get some utility coins on the spot [market].
On the chain:
HUGE AI bags like GOAT, ZEREBRO and a bunch of others
Some other bets like KEYCAT, NPC, BONGO.
I’m trying to concentrate better.”
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Generated image: DALLE3