Ethereum Setting Up for a ‘Face-Melting’ Rally Later This Year, According to Crypto Trader – But There’s a Catch
A widely followed crypto analyst says that the top altcoin Ethereum (ETH) is setting up for a gigantic rally later this year.
In a new thread, pseudonymous crypto trader Credible Crypto tells his 453,200 followers on the social media platform X that the smart contract platform looks set to skyrocket – but not before it dips and presents a solid entry for long-term holders.
‘[Ethereum] is setting up for a face-melting rally later this year. Just be patient and take advantage of the dips for now. $2,500-$2,800 is the dream buy zone if we manage to get it down the road.”
Credible Crypto goes on to note that Ethereum is close to hitting his downside target.
“Now about 80% to my downside target – seeing some LTF (lower time frame) absorption here so maybe we are due for some relief before taking the lows. Let’s see.”
Looking at the trader’s chart, he seems to predict that ETH will drop to support at $3,000.
Ethereum is trading for $3,255 at time of writing, a marginal decrease during the last 24 hours.
Moving on to the dog-themed memecoin dogwifhat (WIF), the trader says he ultimately sees the meme asset plunging below a psychological price point.
“My last post [about WIF] was when I closed a long on it at $2.85 because it looked weak. I was hoping for a move to the equal highs for a short down to $1 but we melted. Currently trading at mid-range where I think we could see some relief but I’m not interested in longing it anymore.
Surprised we’ve left behind those equal highs so maybe we go back for them but ultimately I think sooner or later we will see sub $1.”
WIF is trading for $1.50 at time of writing.
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The post Ethereum Setting Up for a ‘Face-Melting’ Rally Later This Year, According to Crypto Trader – But There’s a Catch appeared first on The Daily Hodl.
