A crypto strategist known for his timely Bitcoin (BTC) calls says he has his eye on two large-cap altcoins.
In a new strategy session, pseudonymous analyst Cheds tells his 50,400 YouTube subscribers that he’s bullish on Ethereum (ETH), despite failing to sustain a rally after printing a new all-time high.
According to the trader, Ethereum appears to be in the process of flipping a major resistance level into support, which would put ETH in a stronger position to reach new all-time high territory.
“Ethereum still looks incredibly good. We had the beautiful, the magnificent, nobody’s ever seen it, this beautiful descending broadening right angle wedge – a breakout from that, and really the measured move, whether you go log or linear again [is] $6,500 and $9,000…
Ethereum even though we have this measured move $6,500 or $9,000, you have the prior all-time high resistance. [You] can’t overlook it.
So even though there’s the measured move from the broadening wedge, it paused at all-time high [level], so that’s resistance. You’ve got support here, and very simply, Ethereum is pretty easy to mark up here because you’re going to zoom in and you’re going to say, if I get a shot, if I get a bullish retest, a throwback, $3,950, $4,000, I’m jumping in, and you’ve got your overhead level. Very well described.”
At time of writing, Ethereum is trading for $4,279.
Another coin on the trader’s radar is Solana (SOL). According to Cheds, Solana appears to be working its way up above $200, but it’s struggling to do so. However, Cheds says that Solana will likely continue to climb as long as bulls defend a key level.
“It’s grinding higher. It doesn’t have a straight-up breakout feel, and a lot of people keep getting these early [failed breakouts]. It’s grinding. It’s breaking out and pushing back into the range, but what’s most notable is this rising demand trend.
More aggressive buyers along the way. I think as long as that continues, despite the choppy breakout nature, I think it’s likely to continue. It looks pretty good to me. For me… I’d love to buy back at $180. That’s kind of the key level for me still.”
At time of writing, SOL is trading for $200.
Midjourney
