With Bitcoin (BTC) and Ethereum (ETH) leading the crypto markets out of the ditch, many analysts have expressed their opinions and concerns about the direction of the markets from here. In particular, a renowned yet anonymous crypto trader and educationist with a decade of experience have disclosed his thoughts regarding BTC and ETH.
‘ETH is looking more promising than BTC‘
The accomplished analyst and author of the crypto trading guide “Trading Wisdom”, who goes by the pseudonym “Big Cheds”, made some optimistic forecasts for the top two cryptocurrencies by market cap in a series of tweets to his large following.
Speaking on Bitcoin (BTC), Cheds noted that the asset is staging an upbeat performance that was last seen in April. A chart provided shows that Bitcoin has closed above the daily 34-day exponential moving average (EMA) for the first time in three months.
Nonetheless, he mentioned that traders should brace themselves for any prospective price weakness, as the chart indicated evidence of the likelihood of that scenario. “Some evidence of weakening bear trend,” he said, “continue to monitor for deviation.” Cheds had pointed out in the past that the 34-day EMA has been the most crucial point for BTC since November of 2021.
Expressing his opinion of Ethereum (ETH), the analyst mentioned that the second largest crypto asset looks more promising than BTC, highlighting that the likelihood of ETH reclaiming the $2,000 position is high, whether or not BTC performs favourably, this is due to its relative strength.
With ETH and BTC looking good, the Crypto FGI has risen to 31
Cheds further noted that while BTC currently looks vulnerable, ETH shows signs of a remarkable comeback and could potentially explode in the near term. He said this even though ETH is trading above the upper Bollinger Bands (BB).
The past seven days have been favourable to the markets, as most digital assets have begun to recover a portion of the losses incurred last month. The market is generally green, and sentiments are looking positive. The Crypto Fear and Greed Index is at 31, indicating “Fear” for the first time in 72 days. This is a favourable metric, considering that the value was 9 last month and 15 just last week.