A closely followed crypto strategist is designing high-timeframe scenarios that will bring bullish momentum to Ethereum (ETH) and two of its leading rivals.
In a new strategy session, pseudonymous crypto analyst Cred says Ethereum is currently trading below the crucial weekly support and bulls need to retake it for any chance of triggering a 30% surge from current prices.
“I think ETH needs a weekly close above $1,930, $1,940 or something like that. That previous high [$1,930] is a small turning point… and still resistance at the moment… In this environment it pays to be generally conservative.
My eye will certainly be drawn to the former range support that has probably now turned into resistance [$2,600] as a range to de-risk those Reclaim buys in the lower end, and that’s sort of in the mid to high $2,000 range.
I’m sure if I added these boomer moving averages they would converge in that area as well.”
In technical analysis, the reclaiming of the high timeframe support is a bullish signal indicating the presence of demand and potential seller exhaustion.
At the time of writing, Ethereum is valued at $1,812.
Next is the smart contract platform Solana (SOL), which Cred says has the potential to spark a significant rally as long as the bulls can reclaim a key area of support.
“Previous range high level at about $46 or thereabouts. For me this needs to be cleared and closed again above $46 and then we can talk about a move towards $80 and that’s quite a big move. There’s like 60%-70% and it’s worth waiting for.”
At the time of writing, Solana is changing hands for $38.97.
The last coin on the trader’s radar is Avalanche (AVAX). According to Cred, AVAX is looking relatively strong as it manages to continue trading above a key support level.
“AVAX has that really important weekly low around $23 and closes above it for the second straight week. It’s decent. At least the support is holding.”
Looking at Cred’s chart, the range high target for AVAX is $39. At the time of writing, Avalanche is trading at $24.47.
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