The post Altcoins Ready to Breakout While Ethereum (ETH) Price Poised to Surge 80% Soon! appeared first on Coinpedia Fintech News
In September, Ethereum finally underwent its long-awaited Merge, changing its consensus algorithm from the dated proof-of-work (POW) paradigm to the more reliable proof-of-stake (PoS). The anticipated price increase, nevertheless, never happened. Following the upgrade, Ether has decreased by more than 7 percent. The price of Ethereum remains consolidated between two significant barriers and shows no signs of breaking out.
However, a well-known cryptocurrency trader who is credited with correctly predicting the bottom of the 2018 Bitcoin (BTC) bear market now predicts a significant Ethereum (ETH) price turnaround. ETH is currently offering a clear buying opportunity, according to cryptocurrency researcher Smart Contracter, since it consistently respects the 200-week moving average.
The expert said that ETH is currently aiming towards a level of $2,400, which is an increase of 80% from current pricing. Opportunities for long-term purchases have indeed arisen. For the past five weeks, ETH has been based around 200wma. When this weekly higher low resolves and starts moving up again, $2,400 is the next target in his opinion.
The general outlook for altcoins is positive according to Smart Contracter. According to him, the altcoin index on the cryptocurrency market FTX has printed a bullish hammer pattern, generating a sizable falling wedge, which is often a bullish pattern.
“Alts are looking GTG now imo, altcoin index on ftx had a huge hammer with a crazy ass wick from the 0.618 plus overall structure also looking like a falling wedge that’s begging to break up. I think nows the time to shoot your shots.”
Dogecoin (DOGE), the most popular meme coin, is poised to rise after “crazy” accumulation in its Bitcoin pair (DOGE/BTC), Smart Contracter predicted earlier this month.
“DOGE/BTC has the most insane looking high time frame accumulation going on. I haven’t seen something that looks like such a clean accumulation like this in a long time. I dare say revisiting this in a year’s time, DOGE will be a lot higher than $0.065.”