As the crypto market battles between bears and bulls, a well-known crypto trader and analyst expresses his bullish stance on Bitcoin, Ethereum, and another altcoin.
The analyst, who goes by the alias ALtcoin Sherpa, is advising his 180,600 Twitter followers that while bitcoin is down slightly, the asset will make a comeback if it manages to clear a crucial resistance barrier.
The key resistance level for the flagship currency stands at $24,000, according to traders
At the time of publication, Bitcoin is selling at $23,794, down 0.41% over the past 24 hours.
The strategist continues to examine some technical analysis that suggest bullish momentum for Bitcoin. However, he urges traders to tread carefully as the key currency could also move lower.
Altcoin Sherpa notes a few points about Bitcoin, citing that the asset has been on an upward move since March on a 4-hour chart, along with a bullish moving average. However, the analyst believes that the high time frame on the daily chart is still bearish and not a macro reversal.
He predicts that if Bitcoin fails to clear $20,000, the currency will see a decline towards the $17,000 price level.
Ethereum (ETH)
The next currency altcoin Sherpa talks about is Ethereum and says that the second largest currency will outperform the price action of other cryptocurrencies. The researcher calls Solana’s chart to compare it to Ethereum and claims that SOL is much lower compared to ETH
The analyst also compares Avalanche and Ethereum and says AVAX is the same.
Ethereum is currently trading at $1,697 after falling 0.84% in the last 24 hours.
Ethereum Classic (ETC)
The last altcoin to catch the strategist’s attention is Ethereum Classic (ETC). This smart contract platform saw an increase from its July 14 price level of $13.92 to the recent high of $45.27 on July 29.
According to altcoin Sherpa, Ethereum Classic is poised for another breakout soon
However, at the time of writing, Ethereum Classic has made a slight move down at $39.06 with a 1.81% plunge in the past 24 hours.
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