A well followed crypto analyst is developing long-term possibilities that will fuel a bullish rally for Ethereum (ETH) price and two of its main competitors.
In a strategic planning talk, pseudonymous crypto analyst Cred claims that Ethereum is now moving below critical weekly support. Now the bulls must regain in order to ignite a 30% rise from current levels.
He believes that Ethereum requires a weekly close over $1,930, $1,940, or anything close to that. As the earlier high [$1,930] is a sort of a turning point and is now posing as resistance. Hence, he says in this context, it is important to remain cautious.
He asserts that his attention is pulled to past area support, probably now it is a resistance [$2,600]. As this is a sector that needs to move away from lower recover buys. The lower recovery buy stands in the mid to upper $2,000s.
Reclaiming strong support is a positive indicator in technical analysis. This suggests the strength of momentum and maybe seller burnout.
At the time of publication, Ethereum price is trading at $1,800 with a fall of 0.82% over the last 24hrs.
The next currency that Cred talks about is another smart contract platform Solana (SOL). Cred believes it has the ability to spark a major rally if bulls can reclaim a key support region.
Cred predicts that Solana should clear $46 and close over $46 before. This price action must happen before the currency moves towards $80, which is a significant move. There’s around 60% to 70% hike, and it’s worth sticking around.
At the moment, Solana (SOL) price is valued at $39.97.
Avalanche (AVAX) is the last currency on the analyst’s horizon. As per Cred, AVAX appears to be pretty solid as it continues to trade above a crucial support level.
Cred concludes his analysis saying, AVAX has a pretty crucial weekly range bottom at $23 or so. He believes it has shut beyond it for the second week in a row.
However he feels it’s sufficient because at least the currency is holding onto its support.
According to Cred’s chart, AVAX’s upper high target lies at $39. At the time of writing, Avalanche (AVAX) price is changing hands at $24.67.