Prominent analyst and trader Kaleo is predicting a massive rise in Ethereum’s value within the next 12 months despite the current bearish outlook in the crypto markets.
In a new interview, Kaleo looks back at the performance of the leading smart contract platform in 2017 when Ethereum (ETH) plunged from nearly $400 to below $200 in one month before skyrocketing to its 2018 high of $1,440.
“Back in 2017, right around a year after the halving, there was a 70% decline, and everything looked dead. [ETH] was able to come back and go well above its all-time high. We’re right around that same length of the period of time after. Here (June 2021), a similar type of decline and at the support. There are a lot of things lining up there as far as the high timeframe bullishness is concerned.”
Based on Ethereum’s 2017 price action, Kaleo predicts that ETH will stage a parabolic rally from its high timeframe support en route to a new all-time of $18,000 by July 2022. The potential move represents an increase of over 862% from Ethereum’s current price of $1,870.
Although Kaleo is long-term bullish on Ethereum, he says he’s open to reevaluating his stance should ETH break below its high timeframe support, which currently hovers around $1,700.
Last month, the popular crypto trader said that he sees Ethereum trading above $10,000 by the end of the year.
“My predictions for the second half of 2021:
– BTC enters 6-figure price discovery
– ETH breaks above $10,000
– We see one more major alt season
– More institutional / government adoption
– More institutional / government FUD.”
Fellow crypto analyst Michaël van de Poppe is also looking at Ethereum. According to the crypto trader, Ethereum is on the edge of breaking crucial support at $1,741. Should bulls fail to hold this level, Van de Poppe sees Ethereum falling to its 2018 high of around $1,400.
“Ethereum is back at support after rejecting at $2,400, a crucial area.”
Original Source :dailyhodl.com
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