An analyst shared his predictions for BTC and ETH in an X post yesterday.
If ETH can close this week between $1,796 and $2,148, the analyst predicts it could reach $2,200.
The analyst also shared that he will remain bullish on BTC as long as it can stay above the $31.5K-$32.5K area.
A Bitcoin enthusiast and analyst who goes by the name of Pentoshi shared his thoughts and predictions about BTC and Ethereum (ETH) in an X post yesterday. According to the analyst, if the price of ETH can close this week within the $2,148 and $1,796 range, it could open doors for the altcoin leader to climb to $2,200.
$ETHClosing this weekly back inside the range opens up the doors to $2,200 Despite it severely underperforming BTC it's now beginning to enter the demand zone on the btc /eth ratio BTC is bullish as long as above the 31.5-32.5k area thus I'll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) October 29, 2023
Despite the fact that ETH has been underperforming against BTC recently, the analyst believes that ETH is beginning to enter the demand zone with the BTC/ETH ratio. Meanwhile, CoinMarketCap indicated that, at press time, ETH was worth $1,815.45 after its price jumped 1.56% over the past 24 hours.
ETH/TetherUS 1-Day Chart (Source: TradingView)
The altcoin’s 24-hour trading volume also managed to climb by 31.36%, which caused it to climb to $5,195,584,839. Its price surge also allowed ETH to strengthen against BTC by about 0.79% since yesterday.
The jump in ETH’s price also pushed up its market cap to $218,889,662,847. Things were also looking good for ETH on its weekly time frame as its price was up more than 8% over the past 7 days
With regards to BTC, Pentoshi predicted that as long as BTC can stay above the $31.5K-$32.5K area, he will remain bullish on the cryptocurrency king. If BTC’s price dips below these levels, the analyst stated that his bullish thesis would be invalidated.
BTC/TetherUS 1-day chat (Source: TradingView)
At the reported time, BTC was worth $34,372.11 after its price rose 0.50% since yesterday. This came after BTC was able to set a 24-hour high price of $34,734.26. The market leader’s intraday volume stood at $13,665,054,055 after it experienced a 43+% surge over the past day.
The token’s weekly performance was also still in the green recording a 12+% spike. Additionally, “Uptober” was fully embraced by BTC as its price climbed by 27.45% over the last thirty days.
The post ETH’s Path Could Be Cleared To Reach $2,200: Analyst appeared first on Coin Edition.
