A prominent analyst has updated his outlook for Ethereum (ETH) and Solana (SOL) as he expects the cryptocurrency market to see a bullish turn later this year.
A pseudonymous trader named Altcoin Sherpa told his 222,400 followers on social media platform X that a “full transfer” phase for the cryptocurrency is expected around December or early next year.
“Personally I’m bullish going into the latter part of Q4, but until then I honestly have no idea. I still expect a bit of a pullback in September/October and a bit of a fake pullback in November. But by December/January 2024 we should be fully supplied.”
Looking at Ethereum, traders still see no immediate reason to turn bullish on ETH.
However, he noted that the recent price correction into high-volume territory suggests that ETH is receiving strong support.
“The only good thing I see on this ETH chart is that the price is trying to reach a high volume node around the $2,200-$2,400 level. Everything else about ETH is just so-so..”
At the time of writing, Ethereum is trading at $2,438.
Altcoin Sherpa also has its eyes on Solana, Ethereum’s biggest competitor.
According to analysts, Solana’s $125 support level appears to have been exhausted after several touches.
“brush $125 looks like a good area, but this support area seems to be broken. You should definitely save some money at lower levels, like $110 or lower. I think it’s better to be late than early in trading these types of charts. In other words, it’s better to buy on the way up than to catch it with a knife.”
At the time of writing, SOL was trading at $130.25.
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