Ether, the second-largest cryptocurrency by market capitalization, has seen a decline in value recently. As of the time this article is being written, Ether has dropped in value by 0.09% over the past 24 hours and 0.39% over the past 7 days, with a current value of $1,218. There has been a bearish sentiment among traders and investors for an extended period of time.
Massive Price Spike Soon?
The well-known pseudonymous analyst known as Kaleo seems to believe that we will soon see the light at the end of the tunnel. In point of fact, he believes that soon the price of Ether would rise by an additional $2,000, which would represent an increase of 60%.
Although Kaleo has an optimistic outlook for Ethereum in relation to the US dollar, he is pessimistic about the future performance of Ethereum in relation to Bitcoin (ETH/BTC). The expert made a prediction earlier this week that the ETH/BTC exchange rate would likely continue on a downward trend.
This suggests that the king cryptocurrency would surpass the smart contract protocol in the months ahead. However, he makes it clear that even if the ETH/BTC chart is bearish, this does not indicate that Ethereum can’t make gains relative to the dollar.
Kaleo also clarified that:
“I don’t see this rally leading to new ATHs, just relief and continuation of accumulation within a larger range similar to what we saw in 2019.”
What Ether’s Chart Shows
“On Ether’s chart, I believe traders should pay special attention to the newly created resistance level around $1,230.20. This level was established not too long ago. If the candle manages to shut around it, the energy that has been gathered may be sufficient for a move to the zone around $1,280. As a result, the number of purchases has just begun to increase, which is an indication of the resilience of purchasers.”
That which Kaleo foresees may or may not come to pass. He has a lot of crypto market experience, but he isn’t a seer, thus he can’t see into the future. We’re keeping our fingers crossed that Ethereum’s much-anticipated upgrade, the Shanghai hard fork, brings about the significant increase in value that he has predicted.
Source: https://coinpedia.org/price-analysis/ethereum-eth-price-poised-to-surge-60-in-january-analyst-maps-next-levels/