A widely followed cryptocurrency analyst analyzes forecasts for Ethereum (ETH) and several popular altcoins.
Pseudonymous cryptocurrency analyst Cheds said in a new interview with Scott Melker that ETH’s “clean trigger level” is around $1,420 to $1,430, clearing both previous support levels and the 200-day moving average (MA). It is said that it is a reasonable price.
ETH is trading at $1,252 at the time of writing.
Cheds also noted that XRP is currently in a significant price range.
“Needs a follow through. Looks like the beginning. Should the bulls bounce back here [at $0.3416], it’s not bueno. This is a great start to some sort of small to medium sized movement. Maybe $0.38 to $0.39. If not, look at the long shadows below. That is, buyers are jumping in, refusing price cuts, and surpassing lost support. “
XRP is trading at $0.346 at the time of writing.
Cheds also said that top memecoin Dogecoin (DOGE) does not look good.
“This is a classic rocket ship slow bleed. We lose the MA-200 and we lose support here. So I think it comes down to about [$0.05] Also [$0.057, $0.058]. Probably the lower end of the range. “
DOGE is trading at $0.072 at the time of writing.
Traders say they have no immediate plans to do anything with Ethereum rival Cardano (ADA). He said it might be interesting to short it if the ADA hits the $0.30 range again. Cardano is currently trading at $0.266.
As for Solana (SOL), Cheds said, “The biggest pullback is in the downtrend.” Analysts say he feels “constructive” for assets above $11 to $11.50. SOL is trading at $13.57 at the time of writing.
Cheds says blockchain scaling solution Polygon (MATIC) needs to hold support “to build charts and staircases.” Analysts say the key holding level for the asset is $0.72 and the next notable level is around $1.06.
At the time of this writing, MATIC is trading at $0.802.
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