A popular crypto analyst, Altcoin Sherpa, is optimistic about the future of Ethereum (ETH) and believes that it is heading towards new all-time highs (ATHs). The analyst shared his insights with his 216,900 followers on social media platform X, stating that ETH is likely to experience a massive breakout against Bitcoin (ETH/BTC). Despite this positive outlook, Altcoin Sherpa also warns that the 200-week exponential moving average (EMA) is currently acting as resistance for the ETH/BTC pair, indicating that there may be more downside before a breakout occurs.
As of the time of writing, ETH/BTC is trading for 0.05384 BTC ($3,841), up nearly 1% in the last 24 hours. Ethereum’s previous all-time high was around $4,900 in November 2021. Altcoin Sherpa remains confident in Ethereum’s potential for growth, stating that ETH to ATH is inevitable. However, he expresses concern over the current price action and the strength of the 200-week EMA, emphasizing the need for caution and close monitoring of the market.
In addition to his positive outlook on Ethereum, Altcoin Sherpa also predicts that Bitcoin Dominance (BTC.D) will continue to be bullish until the fourth quarter of this year. BTC.D tracks the percentage of the total market cap that belongs to Bitcoin, indicating the dominance of BTC over other cryptocurrencies. The analyst suggests that this dominance will result in altcoins lagging behind Bitcoin until late Q4, advising investors to accumulate altcoins during this period in preparation for potential market shifts.
Altcoin Sherpa’s chart analysis indicates that BTC.D is expected to reach a peak level of around 64%, which is approximately 10% higher than its current level. This prediction suggests that Bitcoin will maintain its dominance over the cryptocurrency market for the time being, with altcoins likely to experience a period of consolidation and potential decline. Despite this temporary setback, Altcoin Sherpa remains optimistic about the future prospects of altcoins, expecting a resurgence in altcoin activity once BTC.D begins to decline.
In conclusion, Altcoin Sherpa’s insights provide valuable information for cryptocurrency investors looking to navigate the current market trends. While Ethereum and altcoins may face challenges in the short term, there is potential for growth and new all-time highs in the future. By staying informed and closely monitoring market dynamics, investors can position themselves strategically to take advantage of emerging opportunities in the crypto space. Subscribe to receive email alerts and stay updated on the latest developments in the cryptocurrency market. Follow Altcoin Sherpa on social media platform X, Facebook, and Telegram for more updates and analysis on cryptocurrency trends.
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