A popular crypto analyst is giving forecasts for Ethereum (ETH), Avalanche (AVAX) and Polkadot (DOT) as the correction in the digital assets market continues.
In a new video, pseudonymous analyst Cheds tells his 45,700 subscribers that leading smart contract platform Ethereum could plunge below the $2,000 level as the price of (BTC) threatens to keep weighing down on the market.
“When you look at this you could see it’s a great move, the kind that got a little bit over its skis and it’s probably going to come back lower. I’m much more interested around $1,800 for a trade, $1,800 to $2,000. I think it’s probably going lower because I think Bitcoin is going lower, but if I didn’t think Bitcoin was going lower, I’d still look at the chart and think this chart’s going lower.”
He says that the market correction is also causing the Ethereum challenger Avalanche to break down. According to Cheds, AVAX currently looks ready for more bearish price action.
“This is not good. I mean, minimally, it looks like you’ll probably test low 50s to probably break it… You have the down move and you’ve got the kind of rising channel and a break from the channel. Simplify your thinking: This is what you got: you’ve got a move, you’ve got a consolidation and then potentially a break and a continuation of that. It does not look good.”
Looking at interoperable blockchain Polkadot, the analyst says DOT is in a mega downtrend. He says DOT is setting up for another significant dip below its current price of $15.46.
“Momentum here is like mega down. This is a really strong sell signal, a short signal. You got to remove yourself from why you think you’re in the trade… You see it in the price. You see the momentum. This is like a nine out of 10, 10 out of 10 sell or short signal on DOT. Doesn’t look so good.”
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Source: https://dailyhodl.com/2022/05/02/top-analyst-maps-out-whats-ahead-for-ethereum-avalanche-and-polkadot-amid-crypto-market-correction/