According to popular crypto analyst Altcoin Sherpa, Ethereum (ETH) is likely approaching a cycle bottom in its Bitcoin pair (ETH/BTC).
The trader, who has 230,000 followers on social media platform X, suggests that ETH/BTC will bottom out once Bitcoin completes its breakout rally.
“I know everyone’s talking about altseason now and nobody wants that more than me. However, I think that BTC has to be finished with its run momentarily for alts to run (aka Jan 2021).”
“ETH probably finds a bottom in the next few months vs. BTC. Here or 0.024 are the areas I’m watching.”
Currently, ETH/BTC is trading at 0.034 BTC worth $3,314. A potential correction towards the analyst’s bottom target at 0.024 BTC indicates a nearly 30% downside move for the pair.
Altcoin Sherpa is also keeping an eye on XRP, the native token for the XRP Ledger (XRPL), which has seen a 180% increase in value just this month. The trader believes XRP is worth watching in the upcoming altcoin season.
“XRP is kind of close to its old 2021 high.”
“Wild this thing made its way all the way up to ~$3 in 2017.”
“This dollar probably flows to DOGE but regardless, still one to watch. Multi-year accumulation period.”
Currently, XRP is trading at $1.38.
Altcoin Sherpa also shares some of his top holdings, which include Bitcoin, Ethereum, Solana (SOL), as well as altcoins in the memecoin and artificial intelligence (AI) sectors.
“Current bags:”
majors BTC/ETH/SOL
spot DOGE
spot BONK.
“If I were fully in office, I’d get some utility coins in spot [market].”
On-chain:
HUGE AI bags like GOAT, ZEREBRO and a bunch of others
Some other bets like KEYCAT, NPC, BONGO.
Trying to concentrate more.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3
