Ether, the second-largest cryptocurrency by market capitalization, has seen a decline in value recently. As of the time this article is being written, Ether has dropped in value by 0.09% over the past 24 hours and 0.39% over the past 7 days, with a current value of $1,218. There has been a bearish sentiment among traders and investors for an extended period of time.
Massive Price Hike Soon?
The well-known pseudonymous analyst known as Kaleo believes that we will soon see the light at the end of the tunnel. In fact, he believes that the price of Ether will soon increase by an additional $2,000, representing a 60% increase.
Although Kaleo has an optimistic outlook for Ethereum in relation to the US dollar, he is pessimistic about the future performance of Ethereum in relation to Bitcoin (ETH/BTC). The expert made a prediction earlier this week that the ETH/BTC exchange rate would likely continue on a downward trend.
This suggests that the king cryptocurrency will surpass smart contract protocols in the coming months. However, he clarifies that even though the ETH/BTC chart is bearish, it does not indicate that Ethereum cannot post gains against the US Dollar.
Kaleo also clarified that:
“I don’t see this rally leading to new ATHs, just relief and continuation of accumulation within a larger range similar to what we saw in 2019.”
what does the ether chart show
“On Ether’s charts, I believe traders should pay special attention to the newly formed resistance level around $1,230.20. This level was established not too long ago. If the candle manages to close around it, which The energy that has been gathered may be enough to move towards the $1,280 area. As a result, the buying volume has just started to increase, indicating buyers’ resilience.”
That which Kaleo foresees may or may not come to pass. He has a lot of crypto market experience, but he isn’t a seer, thus he can’t see into the future. We’re keeping our fingers crossed that Ethereum’s much-anticipated upgrade, the Shanghai hard fork, brings about the significant increase in value that he has predicted.
