A popular analyst says he is bullish on crypto at the end of this year and updates his views on Ethereum (ETH) and Solana (SOL).
The pseudonymous trader known as Altcoin Sherpa tells his 222,400 followers on the social media platform X that he expects a “full send” phase for crypto around December or perhaps early next year.
“Personally, I’m optimistic going into the end of Q4, but until then I honestly have no idea. Still expect some chopping for September/October and then some fakeouts in November. Complete shipment by December/January 2024.”
Looking at Ethereum, the trader sees no immediate reason to become bullish on ETH.
But he notes that the price has recently corrected into a high-volume area, indicating that ETH is sitting at strong support.
“The only good thing about this chart is that the price is about to reach a high volume junction around the $2,200 – $2,400 level. Everything else about ETH is meh..”
At the time of writing, Ethereum is trading at $2,438.
Altcoin Sherpa also has its eye on Solana, Ethereum’s biggest rival.
According to the analyst, Solana’s $125 support appears to be exhausted after multiple touches.
“SOL $125 seems like a good area, but this support region looks battered; would definitely save some $ for lower tiers like $110 or lower. When trading, in my opinion, it is better to be late than too early on these types of charts. This means that it is better to buy something on the go than to catch a knife.
At the time of writing, SOL is trading at $130.25.
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Generated image: Midjourney