Analyst Says Ethereum Primed To Outperform Bitcoin, Updates Outlook on XRP and Two Additional Altcoins
A closely followed crypto strategist and trader is expecting Ethereum (ETH) to outshine Bitcoin (BTC) while updating his forecast for XRP and two low-cap digital assets.
Pseudonymous analyst Altcoin Sherpa tells his 183,500 Twitter followers that he sees the Ethereum/Bitcoin pair (ETH/BTC) rallying from current levels.
“This one should bounce around this area. Equilibrium of this range and near the 200-day exponential moving average. Great moves overall but I still don’t see this breaking out in current market conditions.”
A bullish ETH/BTC chart suggests that Ethereum will likely post more gains than Bitcoin. At time of writing, the ETH/BTC pair is trading at 0.0695 BTC ($1,345), above Altcoin Sherpa’s range equilibrium.
Looking at XRP, the analyst says he’s currently bearish on the sixth-largest crypto by market cap but that would change if Bitcoin flashes signs of strength.
“Testing the 200-day exponential moving average (EMA) but given there was such a large gap between the previous price and the EMA, I don’t expect this to break to the upside. I think we see a bit more consolidation before this goes lower. If BTC recovers, disregard that idea.”
At time of writing, XRP is valued at $0.0472, down nearly 5% on the day.
Next up is Ethereum rival Algorand (ALGO). Altcoin Sherpa says he sees ALGO pulling back to lower levels.
“I like the $0.35 area or lower to buy this one.”
At time of writing, ALGO is swapping hands for $0.368, a 4.59% decrease on the day.
The last altcoin on the trader’s radar is Reserve Rights Token (RSR), a cryptocurrency designed to facilitate the stability of the asset-backed stablecoin known as the Reserve Token (RSV). According to Altcoin Sherpa, he sees RSR launching a nearly 30% rally from current prices.
“It’s making its way to the range highs ($0.0099). Would take caution around that area: 200-day EMA + range high.”
At time of writing, RSR is changing hands for $0.0076, down over 3% in the last 24 hours.
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