A popular crypto analyst is digging into the charts as the markets try to recover from a rocky start to the week.
The pseudonymous analyst known as Altcoin Sherpa tells his 175,400 followers that leading smart contract platform Ethereum (ETH) has already fallen back to its January lows in the $2,100 range.
“Interesting observation for Ethereum is that it’s right at its January lows; something that BTC [Bitcoin] already broke past.
BTC is closer to its May lows while ETH/USD is still decently above those levels. Decent strength…”
Ethereum has recovered from its Monday lows at time of writing, up 4.19% on the day and trading for $2,371.
The pseudonymous trader next looks at the cross-chain interoperability protocol Polkadot (DOT), setting a target of sub-$6 as an entry-level.
“$6 is coming if this level gets lost. Seems like a decent scalp long at a minimum.”
Polkadot was trading above $16 a week ago but ground its way down below $11 before recovering slightly. DOT is currently up 4.92% over the last 24 hours, priced at $11.57.
The chart guru then moves on to layer-1 smart contract platform Avalanche (AVAX), which also saw a major price drop from above $68 on May 5th to below $42 just days later. Altcoin Sherpa is looking to get in now.
“Seems like a good buying area. 1W former all-time-high levels tapped.”
Avalanche is rallying, up 11.62% on the day and is changing hands for $45.43.
Altcoin Sherpa next considers scalability and interoperability ecosystem Cosmos (ATOM), setting his sights on the crypto asset capitulating at the $10 level if Bitcoin (BTC) also wavers.
“Ultimately sub-$10 seems possible in the coming weeks if BTC takes another dump, but this area should provide some support.”
Cosmos is also recovering from an ugly week of price action, in the green by 12.64% with a price of $13.74, but still down considerably from its seven-day peak of above $20.
The analyst wraps up his tweetstorm by highlighting $30,000 to $35,000 as Bitcoin’s current support range.
“This remains an area of support for now, I’m starting to fill some bids. Too much uncertainty with macro to assume the bottom is in quite yet.
From a [technical analysis] standpoint alone, the next level up would be around $23,000 and then $20,000 by volume profile.”
BTC lost nearly 25% over the course of the past week, ceding $40,000 and barely holding the line at $30,269.
At time of writing, Bitcoin is up 3.82% over the last 24 hours, valued at $31,111.
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Source: https://dailyhodl.com/2022/05/11/crypto-analyst-says-ethereum-showing-decent-strength-updates-forecasts-for-top-eth-rivals/