cryptoglobe.com
A popular cryptocurrency analyst has recently revealed he has optimistic predictions for the price of the second-largest cryptocurrency by market capitalization Ethereum ($ETH), pointing to a potential upside of nearly 60%.
In a series of tweets shared with their nearly 200,000 followers on the microblogging platform analyst Altcoin Sherpa outlined a potential 59% rise for the second-largest cryptocurrency, which would see it get to the $3,000 mark, ahead of an expected pullback.
Utilizing his extensive chart-based analysis, he forecasted that Ethereum might climb above $2,000 in the latter half of 2023’s Q3, peaking above $2,700 in Q4, before retracting to around $1,250.
$ETH: Wouldn't be surprised to see this go as high as near $3000 before a pullback. Still to be determined how far the pullback would go; it's going to depend on the macro economy IMO. Still bullish for now though. #Ethereum pic.twitter.com/fuK96ZG7kV
— Altcoin Sherpa (@AltcoinSherpa) July 11, 2023
Altcoin Sherpa also shared his viewpoint on Solana ($SOL), currently the 10th-largest crypto asset by market cap. In his opinion, Solana may face about a 22% dip after hitting a critical resistance level.
He further suggested that the unfolding bankruptcy proceedings of the now-collapsed crypto exchange FTX, which was a major SOL supporter, could potentially lead to an increased supply of Solana in the market, as FTX’s crypto trading division, Alameda Research, is a significant holder of Solana.
The analyst anticipated a slight decrease to the $17 mark, but noted he doesn’t know what may happen next for the cryptocurrency although he is still bullish on it in the long run.
As CryptoGlobe reported, institutional investors are seemingly increasingly turning to cryptocurrencies, as crypto investment products have recently seen a significant influx of funds, with products focusing on Bitcoin, Ethereum, and XRP leading the pack.
Ethereum’s net flows year-to-date remain negative, with investors moving $63 million out of these products so far this year. Similarly, products focusing on multiple digital assets have seen $200,000 of inflows last week, but $35 million of outflows throughout this year.
Other notable altcoins, including Solana ($SOL), $XRP, Polygon ($MATIC), Litecoin ($LTC), and Aave ($AAVE), have also seen inflows, albeit to varying degrees. In contrast, Cosmos ($ATOM) and Cardano ($ADA) experienced minor outflows.
Not to be left behind, Blockchain equities – stocks of companies engaged in the development of blockchain technologies – have witnessed their largest inflows for the year, totaling $15 million.
Featured image via Unsplash.