Trader Forecasts Massive Incoming Ethereum Rally – But There’s a Catch for Bitcoin

A popular crypto analyst believes that leading smart contract protocol Ethereum (ETH) is gearing up for a massive explosion this year.

Pseudonymous analyst Kaleo tells his 562,500 Twitter followers that Ethereum may be mirroring its price action between late 2018 to 2020 when ETH rallied from a low about $80 to around $480.

“Every major run up has minor pullbacks where you’ll hear from the crowd that the move is over. ETH still has higher to send this year.” 

Source: Kaleo/Twitter

Looking at Kaleo’s chart, he appears to be predicting a big Ethereum surge toward the $3,000 level in the coming months. At time of writing, ETH is trading at $1,534, suggesting a upside potential of nearly 100% for the leading altcoin if it manages to hit Kaleo’s target.

As for Bitcoin (BTC), the crypto analyst believes that a pullback to the low $21,000 region is likely in order for the king crypto before it resumes its rally.

“Didn’t get the initial break higher I was hoping for, but I still believe we’ll see a bounce off the retest of the high timeframe trend breakout acting as support. Just gives a bit more of an opportunity to stack. $30,000 is still a magnet.”

Source: Kaleo/Twitter

Amid emerging bearish momentum, Kaleo reminds his followers that Bitcoin also witnessed a deep correction in September 2017 from about $5,000 to below $3,000 before rallying to a high of $20,000 in the same year.

“This is what Bitcoin looked like in the middle of September in 2017. Everyone thought it was over then, too.” 

Source: Kaleo/Twitter

At time of writing, Bitcoin is worth $21,829, a fractional increase on the day.

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Featured Image: Shutterstock/klyaksun

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