A well-respected expert provides updates on the two major digital assets, each of which is fighting to maintain a vital support level.
Michal van de Poppe tells his 616,200 Twitter followers that he has $950 in mind as a minimum support level for Ethereum (ETH) and that he believes the main smart contract platform might rise to $1,500 if it can surpass $1,140.
“Critical zones to monitor for Ethereum. Currently bouncing, as the EUR/USD shows a modest improvement. If we surpass $1,140, I see a huge run up to $1,400-$1,500 for ETH.” Ethereum is up 2.17 percent on the day, trading at $1,088 at the time of writing.
Moving on to Bitcoin (BTC), the analyst notes that although the larger crypto markets were due for a drop, the recent spectacular capitulation was compounded by the failures of high-profile projects like Terra (LUNA) and Celsius (CEL).
Once the leading cryptocurrency by market capitalization regains the $22,000 threshold, he anticipates a 36 percent increase to $30,000.
Yes, the markets should have been correcting, but owing to forced selling by 3AC, LUNA, and others, the values of cryptocurrencies and Bitcoin are far lower than they should be. Consequently, a break through $22,000 will also drive the price to $30,000.” At the time of writing, the price of Bitcoin is $19,729, representing a 1.11 percent increase on the day.
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