A closely-watched crypto strategist reacts to the recent market-wide rally, updating his predictions for a trio of digital assets.
Pseudonymous crypto analyst DonAlt updates its 416,400 Twitter followers on Ethereum (ETH) after the leading smart contracts platform went vertical on the Bitcoin (BTC) trading pair.
“Delivery complete, as expected. Has already retraced 40% of the bear market move (on a relative basis) and doesn’t look weak yet either.
I don’t really see a good reason for him to get anything other than a temporary rejection here. I will remain optimistic.
The card guru too said that if he’s already sitting on 50% paper profits after ETH’s last surge above $1000, he’s looking at a push above $1800 for possibly as high as the zone from $2,200 to $2,600.
“I wanted a close over $1,000 on ETH, I got one. Up to 50% on this position as well, still not willing to sell.
$1,800 is an interesting zone on the short timeframes, but given that the hype about the merger has just started, I’ll probably hold out until my target is met or I’m invalidated.
DonAlt concludes its ETH analysis by saying that it will target around $2,200 to start taking profits if ETH can end July on solid footing.
“Monthly support is holding so far. I have been buying around $1000 and if we close this month I will be looking for a downside retest of around $2200 for TP.
(As long as shorter timeframes allow, opinions can obviously change depending on market conditions).
After a week of steadily rising prices, Ethereum is trading at $1,538 at the time of writing.
Regarding the Solana (SOL) blockchain protocol, the strategist said he rode the last rally in the altcoin to around 50% gain, but would rather keep an eye on an exit point of $80 than take profits now.
“Up about 50% on my position and I don’t really feel any rush to sell.
It’s high range here, the easy and obvious trade is done but I’m willing to stick my neck out and hold on a little longer.
If nothing drastically changes, I will target $80.
Solana is coming off an impressive week that saw it rise from $33 to over $40, and is currently trading sideways with a prevailing rate of $44.71.
Regarding the main digital asset Bitcoin, the crypto analyst tries to create a viral meme based on the market decline partly caused by the collapse of crypto hedge fund Three Arrows Capital (3AC) from mid-June.
“How… isn’t that a big meme again?
DonAlt then tracks a previous Tweet about bitcoin price where he said “$22,000 is where dreams are made” on the way up to $28,000. It now sheds light on BTC’s third attempt to breach and maintain this level over the last month.
Bitcoin is up nearly 3% in the past 24 hours, changing hands for $23,300 at the time of writing.
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