Momentum in cryptocurrency market shifts from Bitcoin$BTC
is shifting to altcoins. Tokens such as XRP in particular have begun to make sudden and strong movements after years of stagnation. However, there are also strong tokens that are still far from their all-time highs. In this context, the leading altcoin Ethereum is one of the notable names. However, an experienced crypto analyst, while predicting a rise for Ethereum, shares a bearish expectation for the original meme coin Dogecoin.
Ali Martinez Expects Explosive Moves from Ethereum!$ETH
Ethereum has started to ease the pressure on it in recent days. Crypto analyst Ali Martinez states that Ethereum could rise by about 67% from its current level in the medium term. In the long term, he predicts that the leading altcoin could gain about 180% in the coming weeks, surpassing the ATH level of $ 4,900 reached in November 2021.
According to Martinez’s analysis, Ethereum is trading inside an ascending channel on the weekly timeframe. The chart shows that the medium-term target is near the upper boundary of the channel. In technical analysis, an ascending channel is made up of parallel trend lines sloping upwards and is a sign of a strong bullish trend. At the time of writing, Ethereum was trading at $3,670, up about 2% on the day.
Critical Resistance Point for Dogecoin$DOGE
The analyst also takes a look at the original meme coin Dogecoin. Martinez notes that Dogecoin is currently at a “very critical resistance point.” At the time of writing, Dogecoin was trading at $0.428. According to the analyst, if Dogecoin fails to break through this major resistance level, it could fall by as much as 17% from current prices. Martinez points to the following levels: A sustained break above $0.40 could take the price to $0.43. However, if the $0.40 resistance is not broken, a drop to $0.36 or even $0.34 could occur.
Ali Martinez also evaluated the leading crypto Bitcoin. The analyst draws attention to online searches for Bitcoin, noting that these searches are down by 50% compared to the peaks of bull markets. This suggests that investor interest is more subdued than enthusiastic. Martinez says that this suggests that Bitcoin may have more growth potential before reaching the peak of the market.