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Bitcoin (BTC) analyst, who accurately identified the peak of the 2021 bull market, suggested that Ethereum (ETH) is in a good position to rise further after entering a new trading range suddenly.
Target: $2,200 for ETH
An analyst known as Pentoshi claimed that Ethereum could rise by more than 21% from its current value. The analyst stated the following about the subject:
ETH: Closing this week within the range will open the doors to $2,200.
Analyzing the chart, the analyst believes that ETH has surpassed the lower limit of the new trading range between $1,796 and $2,200. The analyst also claimed that Ethereum has reached an important psychological level against Bitcoin (ETH/BTC), indicating a possible jump. The expert said the following about the subject:
Despite its significantly low performance, it is starting to enter the demand zone in the ETH/BTC ratio.
The analyst also emphasizes Bitcoin and predicts that the best cryptocurrency will continue to trend upward as long as an important price range remains as support. The analyst highlighted the following:
BTC will show an upward trend as long as it stays above the $31,500-$32,500 range. Therefore, I will continue to show an upward trend unless there is a deviation that invalidates it.
Prediction for the Future of Bitcoin
The analyst also mentioned that Bitcoin could continue to rise above the $40,000 level in the coming weeks. The analyst emphasized the target in their comments:
There is a figure between $40,000 and $42,000 in the coming weeks.
Lastly, the analyst updated their view on the artificial intelligence (AI) altcoin Fetch.AI (FET). They predicted a consolidation period before moving towards the highest level of $0.496 and concluded their statements as follows:
Especially after such a strong move, there will likely be some consolidation around this area, which is the middle range of the mapped larger resistance and support. Therefore, I expect a small pullback and some sideways movements in the next few days before attempting to reach the top of the previous range in FET.
