A popular crypto strategist sets new potential price targets for Ethereum (ETH) and Solana (SOL), while also providing an update on Bitcoin (BTC) price action.
Pseudonymous analyst Altcoin Sherpa tells are 187,900 Twitter followers that Ethereum could see a 54% drop from current prices if another major event rocks the crypto markets, such as a prominent company going out of business.
He says there is still support above the $900 level, but the $500 range is waiting below that.
“ETH: Some high time frame charts. I think if a big player like GBTC (Grayscale Bitcoin Trust) sells we will see something like $500-$700 Ethereum. I think $500 should be a good place to bid if it’s just based on psychological (grade); but there is still a long way to go (before) then.”
At the time of writing, Ethereum is trading at USD 1,110.
Next, Altcoin Sherpa takes a look at one of Ethereum’s biggest rivals, SOL. He say Solana could collapse to $3 if current price levels don’t hold.
“SOL: If these current areas fall, $3 is the next significant area IMO (in my opinion). In the long run, I think the destruction of FTX/SBF (Sam Bankman-Fried) is probably a net good for the ecosystem, but in the short term, it’s still pretty disastrous.
At the time of writing, Solana is changing hands at $11.73 and has been hit hard by the collapse of crypto exchange FTX. The company’s CEO, Sam Bankman-Fried, has been one of the ecosystem’s top investors and will likely be forced to liquidate his SOL holdings as bankruptcy proceedings unfold.
Altcoin Sherpa also weighs in on Bitcoin, proverb that while BTC could be lower to go, longer-term opportunities are starting to present themselves.
“High time frame levels. I think $16,000/$14,000/$12,000 are all great levels to buy for the longer term and most investors would be fine doing dollar-cost averaging (DCA) in those three levels. Put a 30% purchase on each of these and then walk away for a few more years.
At the time of writing, Bitcoin is changing hands at $16,086.
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