Trader Predicts That ETH May Climb as High as $2,750 Soon

  • KALEO, a crypto trader and analyst, predicted that BTC’s market dominance may experience a correction.
  • BTC’s market dominance dropping may give altcoins a chance to print gains in the next few weeks.
  • Meanwhile, Ali predicted that ETH could climb to as high as $2,750 if it’s able to overcome the next supply zone.

The crypto trader and analyst KALEO predicted in a tweet yesterday that the market dominance of Bitcoin (BTC) may retest a higher timeframe support which was successfully challenged earlier this month. In his post, the trader added that this will not necessarily be an indication of an altcoin season, but will definitely provide a few weeks for altcoins to post some gains.

Meanwhile, another trader and analyst by the name of Ali revealed a major supply wall which Ethereum (ETH) will have to overcome in a tweet earlier today. According to the trader, 832,640 addresses bought more than 26 million ETH between $2,000 and $2,060. Should the altcoin leader overcome this resistance zone, he predicted that its price may climb to $2,750.

BTC price (Source: CoinMarketCap)

At press time, BTC was trading at $30,260.92, according to CoinMarketCap. Although it remained above the key $30K mark, BTC’s price had printed a 0.11% loss over the past 24 hours. Nevertheless, the crypto’s weekly performance was comfortably in the green at +12.94%.

BTC’s dominance in the market continued to climb – pushing the total up to 49.97%. This was a 0.07% increase compared to what it was at the start of yesterday’s trading session. BTC was also able to make its way onto CoinMarketCap’s trending list, and occupied the number 2 spot.

ETH price (Source: CoinMarketCap)

ETH also printed a 24-hour loss and was changing hands at $1,866.50 as a result. The 0.94% loss over the past day was not able to flip the leading altcoin’s weekly performance into the red, however. At press time, ETH was up more than 8% over the past 7 days.

The drop in ETH’s price meant that it was trading slightly closer to its daily low of $1,840.22, while its 24-hour high stood at $1,905.36. The 24-hour loss also caused it to drop 0.81% against BTC. As a result, 1 ETH was worth approximately 0.06166 BTC.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Comments

Post a Comment

Popular posts from this blog

FTX seeks $175M settlement with Genesis entities to resolve dispute

However, FTX creditors express discontent and urge the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. FTX, the troubled cryptocurrency exchange, and its CEO John J. Ray III have filed a motion seeking to reach a settlement of $176 million with Genesis entities.  As per a legal document, FTX Trading and related debtors have formally requested a court mandate to resolve their disagreement with Genesis entities , aiming to settle claims amounting to nearly $176 million. The claims put forth by Genesis entities involve around $176 million in customer claims against FTX Trading and its affiliates. However, FTX creditors expressed discontent and have urged the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. They point to Alameda's transfer of significant FTX customer funds to Genesis in 2022 as a concern. FTX asks court to settle Genesis dispute for a $175 million Genesis claim, the release of a $175 million customer
Read more

JPMorgan debuts tokenization platform TCN with BlackRock among key clients: Report

The platform enables the conversion of traditional assets into digital assets and makes way for faster and more secure settlements on-chain. American banking giant JP Morgan debuted its in-house blockchain collateralization platform called Tokenized Collateral Network (TCN) on Oct. 11, reported Bloomberg. TCN settled its first trade for asset management giant BlackRock. Tokenized Collateral Network is an application that allow investors to utilize assets as collateral. Using blockchain technology they can transfer collateral ownership without moving assets in underlying ledgers. The TCN network in its first public collateralized trade between JP Morgan and BlackRock turned shares of one money market fund into digital tokens, which were then transferred to Barclays Plc as security for an over-the-counter derivatives exchange between the two companies. The first internal test of TCN was conducted by JPMorgan in May 2022 and has a pipeline of other clients and transactions now that T
Read more

OpenSea ex-manager retracts bail request amid ongoing appeal

Nathaniel Chastain, a former product manager at NFT marketplace OpenSea, has opted to begin his three-month prison term for insider trading. On Sept. 6, the legal representatives of Nathaniel Chastain submitted a letter to a New York District Court, notifying the judge that Chastain has chosen to retract his bail application while the appeal is ongoing . As per the court’s earlier verdict, he will willingly surrender himself by Nov. 2 to start serving his sentence while the appeal is being reviewed. Earlier in May, Chastain was convicted of wire fraud and money laundering, marking the first insider trading case in the NFT sector. The former OpenSea executive was charged with exploiting confidential data to earn substantial profits by purchasing NFTs shortly before they were featured on OpenSea’s homepage, where their value would surge instantly. Chastain allegedly capitalized on this inside information, selling the NFTs at a higher price once their value escalated, breaching
Read more