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.
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.
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 00 with a new break above the 50% fib retracement level from the decline at 32 high to 83 low.
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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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