The crypto market has been showing more signs of correction these days. Check out the latest reports about the price of an Ethereum competitor below.
New rally incoming for ETH competitor
A popular crypto analyst just said that one big Ethereum rival will rally and says ETH itself is showing significant strength.
In a new strategy session, the host of YouTube channel InvestAnswers said that Ethereum’s recent rally still has gas in the tank
“ETH has been enjoying three weeks of big fat green candles and it is well above the 200-week moving average, which is at $1,200 and Ethereum is banging on the door of $1,600 real soon. Also smashed through the 50-day moving average of about $1,250, so again, nothing but strength here.”
He also said the following:
“Other things that are very bullish for Ethereum is the Ethereum exchange outflow. It’s at a 13-month high because of the proof of stake merge. I think the exact number is about 30,000 ETH fled the system, fled exchanges.”
He continued and pointed out the following fact:
“The last time there was such a big outflow, it was sometime May or June 2021, so this is big again. The less crypto on exchanges, the more supply crunch and the more “price goes up” for the time being.”
The analyst says Ethereum’s rally affects the altcoin market and is particularly bullish for Solana (SOL), one of ETH’s main competitors.
At the moment of writing this article, SOL is trading in the green and the coin is priced at $39,98.
Earlier today, we were revealing that some popular crypto analysts believe Bitcoin (BTC) is due to break out this week, but they all say the rally won’t likely happen in a straight line.
Credible told his followers that he sees Bitcoin finally breaking out of its immediate resistance at $25,000, but only after BTC revisits support near $22,000. In order to learn more details, check out the previous article that we posted earlier.