Despite the massive market volatility, there are a lot of optimistic prediciotns in the crypto space these days. Check out the latest reports about the crypto market below.
ETH and LINK to rally
The crypto market is making efforts to recover following the latest price losses.
A popular crypto trader is forecasting rallies for Ethereum (ETH), Chainlink (LINK), and an altcoin from the decentralized finance (DeFi) sector.
The pseudonymous analyst known as Altcoin Sherpa said that he expects ETH to at least break through the $1,500 level. This means about 11% up from current prices.
“ETH: I think this goes to 1500 at a minimum to be honest. This looks like it’s forming a short term bottom overall and I still think looks decent.”
Altcoin Sherpa said the fact that the decentralized oracle network Chainlink also appears to be in a breakout position.
Based on the analyst’s chart, he expects LINK to make its way close to the 200-day moving average, around the $10 mark, about 30% away from its current price of $7.67.
“LINK:Are you ready?”
Ethereum in the news
BitMEX co-founder Arthur Hayes said not too long ago that the market still hasn’t priced in the significance of Ethereum’s (ETH) successful transition to a proof-of-stake consensus model.
It’s been just revealed that during an interview with Raoul Pal of Real Vision, Hayes said that the Ethereum network is now capable of supporting a new ecosystem filled with new businesses and protocols. This is something that hasn’t been priced in for ETH just yet.
“the price of ETH isn’t reflecting this right now because we have overriding liquidity concerns, but I do think, assuming that the upgrade continues to go well, you have these interesting things [that are] going to create new businesses for the entire ecosystem, which might not be completely apparent today. It might take six to 12 months for people to go ‘Oh okay, now I get it.’ ”