The veteran trader Scott Melker, said that ETH could soon outperform BTC and hit $10K in value, with it starting the growth this year so let’s read more in our latest ethereum news today.

Ethereum could outperform Bitcoin in the short-term according to the veteran trader Scott Melker. He sees the next period as a period for Price consolidation for BTC which is bullish for the second-biggest cryptocurrency that reached a new ATH recently. Melker sees ETH’s outstanding performance as the main catalyst of the altcoin market bull run.

ETHUSD
Source ETHUSD on TradingView.com

He revealed that he has been switching his dollar-cost strategy from BTC to ETH in the past few months and in order to take advantage of the huge upside potential that the cryptocurrency has:

 “It’s like investing in the Internet in the early 1990s to me.”

According to him, Ethereum could reach $10K by the end of this year:

 “ I don’t see why that’s crazy. It’s basically just under a five X from here. […] Bitcoin did almost three times that last year.”

As previously reported, Ethereum extended its drop below $2K support and now the price is trading well below the $2050 and the 100 hourly simple moving average. There’s also a major bearish trend line forming with the resistance near $2065 on the hourly charts of the pair with the pair starting a new increase seeming likely if it clears the $2010 resistance zone.

With the new failure above $2100, ETH started a downside correction with the coin trading below the $2050 and the $2010 support levels. It broke the $2000 level and settled below the 100 hourly simple moving average which is similar to BTC. The new low was formed close to the $1937 before the prices started a new short-term upside correction and ETH climbed higher. There was another break near the 23.6% fib retracement level from the recent drop of $2132 high to $1937 low.

ETHUSD
Source ETHUSD on TradingView.com

Also, However, the bulls are now active near the $2050 support zone and the 100 hourly simple moving average with a new low forming near $2050 before the price climbed higher. The recent swing high was close to $2132 as the low was formed near $2083. ETH is now rising and trading above $2100 with a new break above the 50% fib retracement level from the decline at $2132 high to $2083 low. It seems like there’s another contracting triangle forming with the resistance near $2120 on the charts of the pair with the triangle resistance closing the 61.8% fib retracement level from eh drop at the $2083 low.

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