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Popular crypto analyst Altcoin Sherpa says that Ethereum (ETH) is likely approaching a cycle bottom in its Bitcoin pair (ETH/BTC).
The pseudonymous trader tells his 230,000 followers on the social media platform X that ETH/BTC will likely bottom once Bitcoin has completed its breakout rally.
“I know everyone’s talking about altseason now and nobody wants that more than me. However, I think that BTC has to be finished with its run momentarily for alts to run (aka Jan 2021).
ETH probably finds a bottom in the next few months vs. BTC. Here or 0.024 are the areas I’m watching.”
At time of writing, ETH/BTC is trading at 0.034 BTC worth $3,314. A correction toward the analyst’s bottom target at 0.024 BTC indicates a nearly 30% downside move for the pair.
Altcoin Sherpa is also looking at XRP, the native token for the XRP Ledger (XRPL), which is up about 180% just this month. The trader says XRP is one to watch in the potential upcoming altcoin season.
“XRP is kind of close to its old 2021 high.
Wild this thing made its way all the way up to ~$3 in 2017.
This dollar probably flows to DOGE but regardless, still one to watch. Multi-year accumulation period.”
At time of writing, XRP is trading for $1.38.
Altcoin Sherpa also reveals some of his highest conviction holdings, which include Bitcoin, Ethereum, Solana (SOL) and altcoins in the memecoin and artificial intelligence (AI) sectors.
“Current bags:
majors BTC/ETH/SOLspot DOGEspot BONK.
If I were fully in office, I’d get some utility coins in spot [market].
On-chain:HUGE AI bags like GOAT, ZEREBRO and a bunch of others
Some other bets like KEYCAT, NPC, BONGO.
Trying to concentrate more.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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