A closely followed crypto analyst is outlining his next Ethereum (ETH) price target, saying that the top altcoin has more potential to expand, while updating his outlook on Bitcoin (BTC).
In a new thread, crypto trader Kevin Svenson tells his 131,200 followers on the social media platform X that even though the leading smart contract platform has reached new yearly highs, it still has more room to run.
The trader details a short-term price target near $2,515, which is the next major Fibonacci level on the weekly timeframe.
“Ethereum has reached new yearly highs today. There is a lot of room to run. First target: $2,515 (1.618 Fib) targeting 2022 weekly candle close structure.”
Ethereum is trading for $2,252 at time of writing, a 4% increase on the day.
In an accompanying video update, Svenson also lays out the path for the crypto king to shoot past the $42,000 price tag.
According to the analyst, if the top crypto asset by market cap initially rejects $42,000 but successfully bounces off of its support and consolidates, it could spark a bigger bull run. Furthermore, he notes that BTC could alternatively break right through the $42,000 level and simply continue rising.
“If we hit 42,000 and reject [it] and come back to support and we consolidate right there, remain above that trend line and we don’t get a quick rejection or a breakdown, I should say this is probably going to result in a major continuation, major bullish price action.
Another possibility, another way to know if it’s going to be bullish or not or at least be more sure if it’s going to be bullish is if we get up to that 42,000 zone and we don’t reject it.”
Bitcoin is trading for $41,411 at time of writing, up over 5% during the last 24 hours.
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