The crypto market continues to look good at the end of the weekend. Check out the latest prediciton about Ethereum below.
Ethereum and altcoin prediction is out
A popular crypto strategist is predicting a surge for one AI-focused token while updating his forecast for Ethereum (ETH) and Lido DAO (LDO).
Pseudonymous analyst Altcoin Sherpa said recently that Fetch.ai (FET), a platform that aims to bring together artificial intelligence and blockchain, is showing strength based on its 200-day exponential moving average (EMA).
However, the trader adds that he expects FET to take a slight dip before breaking out.
“FET: looks strong in the short term, right at the local top. 200-day EMA provided to be strong resistance, but I wouldn’t be surprised if we see a small pullback and then we break through it. AI narrative still might be going.”
The same analyst also predicted that Ethereum will likely test its EMAs as support, but notes the smart contract platform’s mid-term moves are unclear.
“ETH: Not really sure, price kind of in no man’s land. I think a small move down (ie. 2% or something) to test some of the EMAs would be logical/make for a good short-term entry. Mid-term trend is still unknown.”
Bitcoin prediction is also here
Mike McGlone, Bloomberg’s senior macro strategist, says Bitcoin (BTC) is “poised to come out ahead” after the current bear market. He also said that it could take a serious price dip first.
McGlone noted in a new analysis that the potential for a global recession this year could turn into the very top factor in determining Bitcoin’s price.
“Our bias is that Bitcoin is more likely to come out ahead in most scenarios, but if the inverted yield curve is an indication, economic growth will ebb sharply, with implications for all assets. The benchmark crypto could revisit good support at around $10,000-$12,000 before resuming its enduring upward price trajectory.”