Capital Manager: Ethereum Will Double In Two Weeks Once ATH Is Broken
Ethereum beat even Bitcoin in terms of overall gains in 2020, but the altcoin still hasn’t broken its former all-time high, while Bitcoin has since left its record far behind. However, according to one crypto capital manager, as soon as Ethereum does take out its former peak, the altcoin will “double” within “two weeks.” Here’s […]
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The relatively slight downward pressure in Bitcoin the last few days strikes me as portending a likely fall in the next week or two. Likely to the area of the support found at ~ 541 a number of weeks ago. I say this because as you can see, price has broken below the 1.618 extension of the pitchfork, as seen above. And… As you can see, it appears that resistance from the Gann 2×1 angle is stronger than the arc support at this point in time. The 2×1 has not been broken but 4th arc support has been broken. If – as seems likely – price breaks below the 4th arc pair in the next day or two, then....
Bitcoin price might be able to resume its drop upon testing the area of interest and drawing more sellers to the mix. Price has previously broken below a double top and an ascending triangle. The broken support at the $420 neckline coincides with the dynamic resistance around the moving averages. In addition, the short-term 100 SMA is below the longer-term 200 SMA, confirming that the path of least resistance is to the downside. If the 100 SMA moves farther below the 200 SMA, bearish momentum could pick up.
Ethereum has experienced a mild setback after breaking the important barrier at $2,000 and continues to trade in the green over today’s trading session. The cryptocurrency is leading the current crypto market relief and sees poised for further gains. Related Reading: Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market At the time of writing, Ethereum (ETH) trades at $1,980 with a 6% and 15% profit over the last 24 hours and 7 days, respectively. Only Solana (SOL), and Cardano (ADA) come close to ETH’s price gains with double digits profits over the same period.....
Analysts at crypto-focused asset manager Pantera Capital have made a bullish case for the Solana ecosystem compared to Ethereum. They highlighted the network’s growth and outlined why Solana is bound to steal a massive chunk of the market from Ethereum. Why Solana Will Steal Market Share From Ethereum In their most recent blockchain letter, Pantera […]
Fortunately, last night’s decision to buy bitcoin at around $658 turned out to be quite profitable, up around $30 in under a day. I have not closed that position as I expect that asset to go up quite a bit higher over the next two weeks. Today I want to take another look at ethereum. We last looked at this asset two or three days ago. At that time price was sitting at the top of the square, and also right on the 1×2 Gann angle. I noted that it seemed to have strong support at that level. Because price was sitting exactly on support, I pointed out that this gave us the luxury of placing a....