Top Crypto Analyst Issues Ethereum Announcement, Says ETH Rally Different from Bull Run March 2021
A prominent crypto strategist is issuing a warning to Ethereum traders, saying that ETH's recent bull run is unlike last year's bull run.
The pseudonymous analyst Rekt told his 327,800 Twitter followers that while Ethereum struggles to sustain above the $1,500 support, he believes ETH is likely to resume its downtrend after a bounce.
“If ETH gets a stronger following from this recent successful retest of orange support, ETH will be able to rally and form a macro lower high, like in early 2021. That lower high should form at ~$1,800. ”
Macro's lower highs indicate a downtrend and gains are likely to be short-lived. Rekt also emphasized that although ETH is trading between $1,500 and $1,800 like it did in March 2021, he said the reaction has been outstanding by ETH bulls at the support range. support shows the difference in trend.
“However, compared to early 2021, the response has not been as volatile as it is now. There are no wicks entering the orange zone to show a strong reaction from buyers.”
Meanwhile, fellow analyst Michaël van de Poppe believes a catalyst could push ETH above $1,800 and change popular opinion around leading smart contract platform.
“Ethereum fork on September 6th, which increases the odds of a successful merge - & gt; emotions change.
The scenario is still going as planned. I don't want it to drop below $1,350.
If the power continues - & gt; next $2,200”.
The Merge is Ethereum's highly anticipated transition from a proof-of-work consensus to a proof-of-stake mechanism.
At the time of writing, ETH is changing hands at $1,583, unchanged on the day.
Aug 31, 2022