A closely tracked crypto strategist is outlining what’s in store for leading smart contract platform Ethereum and two ETH challengers, including Solana (SOL).
In a new strategy session, pseudonymous analyst Cred says Ethereum might have printed a tradeable range provided that the bottom at $2,000 holds.
“This might be our range for some time. Support on the weekly at around $2,000. Maybe at this point, resistance will become relevant here at $2,500. Then the top of the range at $3,000. So if this is some sort of interim bottom, we’re dealing with the range we have to trade is between $2,000 [and] $3,000, and $2,500 is the range midpoint…
If stuff continues to bounce, if equities do well etc., the basic target for that would be from support to resistance.”
At time of writing, Ethereum is trading at $2,094.
The next coin on the trader’s radar is Solana, which he says is also trading in a big range that provides solid opportunities for market participants.
“If the markets bounce and we see strength and again a usual proviso of equity not shitting the bed, your short-term range in SOL is probably between mid-$40s and closer to $80. This is a pretty big range… My amazing math degree tells me that’s a 2x and 100% gain sort of.”
At time of writing, Solana is changing hands for $57.24.
The last coin on Cred’s list is fellow smart contract platform Avalanche (AVAX). According to the crypto strategist, AVAX is also trading in a wide range but warns market participants that Avalanche can potentially deviate from the range and briefly trade above resistance or below support.
“The range high coming in at $40, and the range low coming in at $24… Similar to Solana, decent chart, good areas to trade. Buy support, sell resistance and not do a whole lot else. I do expect a bit of deviation, wickery type of stuff. If it goes above resistance, for example, I’d expect a slight push higher than the exact level itself.
The same for support: if it goes to support, I’d expect it to push a little bit below.”
Avalanche is trading for $34.87 at time of writing.
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