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

A top trader is mapping out Ethereum’s path ahead, predicting that the asset will follow in Cardano’s footsteps.

In a series of tweets, pseudonymous crypto trader Capo notes that Cardano (ADA) recently retraced against Bitcoin (BTC), indicating that a similar move could be in store for Ethereum (ETH), the second-largest asset by market cap.

Cardano’s retrace, in Capo’s opinion, signals that Ethereum will also fall sharply against Bitcoin heading into September before taking off.

“Could be a quick dump + bounce afterwards.”

Capo’s prediction suggests that the price of Ethereum could once again fall below $2,000 at the beginning of August, provided the price of BTC remains at around $40,000.

Capo also suggests that if the flagship cryptocurrency solidly flips $40,000/$41,000 into support, it is destined to hit $100,000 or more.

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

1) Wait for a clean break + retest of this level

2) Wait for a correction in 3 waves

When it consolidates above the range high, $100,000+ will be inevitable.”

Bitcoin has jumped nearly 25% in the past seven days, up from a low of $31,783 to $39,706 at time of writing. On Wednesday, Bitcoin’s price action circled $40,000, prompting a bullish tweet from Capo, who indicates that the top cryptocurrency is showing bullish signs.

“First bullish confirmation. I will add leverage when it consolidates above the range high (last bullish confirmation).”

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The post Crypto Analyst Says Ethereum Following Cardano, Maps Potential Reversal Against Bitcoin appeared first on The Daily Hodl.

Source: https://dailyhodl.com/2021/07/29/crypto-analyst-says-ethereum-following-cardano-maps-potential-reversal-against-bitcoin/