Home Crypto Crypto Analyst Says Ethereum Following Cardano, Maps Potential Reversal Against Bitcoin

Crypto Analyst Says Ethereum Following Cardano, Maps Potential Reversal Against Bitcoin

A prime dealer is mapping out Ethereum’s path forward, predicting that the asset will comply with in Cardano’s footsteps.

In a sequence of tweets, pseudonymous crypto dealer Capo notes that Cardano (ADA) lately retraced in opposition to Bitcoin (BTC), indicating {that a} comparable transfer might be in retailer for Ethereum (ETH), the second-largest asset by market cap.

Source: Crypto Capo

Cardano’s retrace, in Capo’s opinion, signals that Ethereum can even fall sharply in opposition to Bitcoin heading into September earlier than taking off.

“Could be a fast dump + bounce afterwards.”

Source: il Capo

Capo’s prediction means that the worth of Ethereum may as soon as once more fall under $2,000 at the start of August, offered the worth of BTC stays at round $40,000.

Capo additionally means that if the flagship cryptocurrency solidly flips $40,000/$41,000 into assist, it’s destined to hit $100,000 or extra.

“$40,000-41,000 is main resistance for BTC.

1) Wait for a clear break + retest of this stage

2) Wait for a correction in 3 waves

When it consolidates above the vary excessive, $100,000+ shall be inevitable.”

Bitcoin has jumped almost 25% prior to now seven days, up from a low of $31,783 to $39,706 at time of writing. On Wednesday, Bitcoin’s worth motion circled $40,000, prompting a bullish tweet from Capo, who signifies that the highest cryptocurrency is displaying bullish indicators.

“First bullish affirmation. I’ll add leverage when it consolidates above the vary excessive (final bullish affirmation).”

Source: Crypto Capo

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Featured Image: Shutterstock/Tithi Luadthong

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