The momentum in the cryptocurrency market is shifting from Bitcoin to altcoins. Especially tokens like XRP coin are making explosive moves after years of stagnation. There are also strong tokens that are still far from their all-time highs. The leading altcoin Ethereum undoubtedly stands out in this regard. However, a seasoned crypto analyst is bullish on Ethereum. He also predicts a decline for the original meme coin.
Ali Martinez expects explosive moves from the leading altcoin!
As you have been following on Kriptokoin.com, Ethereum has started to shed its sentiment in recent days. Moreover, veteran crypto analyst Ali Martinez says that Ethereum could rise about 67% from its current level in the medium term. In the long term, he predicts that the leading altcoin will rise by around 180% in the coming weeks. Thus, he predicts that it will eclipse the ATH level of around $4,900 it reached in November 2021. .
According to Martinez’s chart, Ethereum is moving in an ascending channel on the weekly timeframe. We also see from the chart that the medium-term target price is around the upper boundary of the channel. In technical analysis, an ascending channel consists of parallel trend lines sloping upwards. Moreover, this pattern is indicative of a strong bull trend. Meanwhile, Ethereum was trading at $3,670 at the time of writing, up about 2% on a daily basis.
Analyst talks about bearish prospects for the original meme coin!
The analyst then looks at the original meme coin Dogecoin (DOGE). Martinez says that the meme coin price is at a “very critical resistance point”. Dogecoin was trading at $0.428 at the time of writing. The analyst says that if Dogecoin fails to convincingly break above the major resistance area, it could fall as much as 17% from current prices. In this context, the analyst points to the following levels:
A sustained break above $0.40 would send it to $0.43, but failure to clear the $0.40 resistance would trigger another drop to $0.36 or even $0.34!
BTC still has room to advance, says analyst!
Ali Martinez also discusses the leading crypto Bitcoin. The analyst points to online searches for the keyword “Bitcoin”. He says this is in the lowest 50 percentile. He also notes that it usually shows low interest compared to the levels experienced at the peak of bull markets. Based on this, the analyst concludes:
Investor sentiment is stagnant, far from euphoric, suggesting that Bitcoin may still have significant room to grow before reaching the top of the market.
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