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.
$ETH hanging on at HTF support pic.twitter.com/0x338r1sTC
— K A L E O (@CryptoKaleo) July 19, 2021
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.”
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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 loses 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.
Featured Image: Shutterstock/Liu zishan