The lead trader is plotting more of Ethereum’s path, predicting that Cardano will actively follow in his footsteps.
In a series of tweets, crypto trader Capo, alias, noted that Cardano (ADA) recently gave up bitcoin (BTC) and that a similar move could be made for Ethereum (ETH), the second-largest asset by market capitalization.
Source: Crypto Capo
Cardano’s withdrawal, according to Capo, suggests Ethereum will also fall strongly against bitcoin in September before takeoff.
“After that there may be a quick reset + bounce.”
Source: il Capo
The Capo estimate suggests that the ethereum price could fall below $ 40,000 by early August, provided the BTC price remains around $ 2,000.
Capo also suggests that if the flagship cryptocurrency is firmly flipping $ 40,000 / $ 41,000 for support, it should reach $ 100,000 or more.
“$40,000 – $ 41,000 is a great resistance to BTC.
1) a Clean Break Jul + wait to test this level again
2) 3 wave correction waiting
When consolidated above the height of the December, more than $ 100,000 would be inevitable.”
Bitcoin has jumped nearly 25% in the past seven days, falling from $ 31,783 to $ 39,706 at the time of writing. On Wednesday, bitcoin’s price move was around $ 40,000, triggering a bullish tweet from the Capo that showed signs of the top-tier cryptocurrency showing signs of rising.
“First ascension confirmation. I will add leverage when consolidated above the height of the December”recent bullish confirmation).”
Source: Crypto Capo
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