The cryptocurrency market is focused on the US presidential election. Amid this anticipation, analysts are sharing their predictions according to different scenarios. A popular analyst says that the leading altcoin Ethereum shows a great risk-reward ratio setup. In this context, the analyst reveals his target price for ETH.
Ali Martinez: Ethereum has a very good risk-reward ratio, target $6,000!
As you follow from Kriptokoin.com, the eyes in the market are on the US presidential race. Donald Trump and Kamala Harris are fighting to take the rope. Crypto players are looking for opportunities amid this wait. Experienced analyst Ali Martinez says that ETH has formed an ascending channel on the weekly timeframe. In this context, the analyst explains his target for the leading altcoin:
The risk-reward ratioon Ethereum is too good to miss for a long position! I put my stop below $ 1,880 and target $ 6,000.
According to its chart, the analyst notes that ETH is holding the lower trendline of the ascending channel as support. He also suggests that ETH will soon retest the upper limit around $ 6,100. Meanwhile, Ethereum was changing hands at $ 2,440 at the time of writing, with a loss of % on a daily basis.
Benjamin Cowen predicts a decline for the leading altcoin!
However, crypto trader Benjamin Cowen disagrees with Ali Martinez on Ethereum . Based on a historical pattern where ETH bottomed out in the fourth quarter, Cowen expects it to fall to the logarithmic trendline, potentially as low as $1,000. In this direction, the analyst makes the following statement:
When I look at the cycle, I see ETH at $2,400, and I think that in a few months, probably less than two months, we’re going to look back at that and I think there’s a really high probability that we’re going to see Ethereum finally go home and it takes until Q4 of 2024 to do that… In 2016, you can see that Ethereum finally entered the lower logarithmic correction trendline in early to mid-November. In 2019, it entered in August, but then rose above it again and did not stay permanently in this line until almost the end of September and October.
Michigan Pension Fund adds Ethereum ETFs to its investment portfolio
The Michigan State Retirement System is increasing its crypto investments with Ethereum ETFs. An SEC filing reveals that Michigan’s pension fund currently holds 460,000 shares in the Grayscale Ethereum Trust and Grayscale Ethereum Mini Trust. The filing also shows that the fund holds 110,000 shares in the ARK 21Shares Bitcoin ETF, worth $6,981,700. This shows increased exposure to digital assets, including recent altcoin investments.
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