THELOGICALINDIAN - All cryptocurrencies from Bitcoin and Ethereum to abate altcoins accept been ambulatory over the accomplished few weeks Just aftermost anniversary Ether hit a aerial of 225 up added than 150 from the lows apparent during Marchs capitulation
This move has assertive analysts that added upside is in the works for all cryptocurrencies. Yet an authentic banker that managed to adumbrate amount activity that others didn’t is aflutter of an Ethereum crash.
Ethereum Could Plunge, Top Analyst Suggests
In the average of February, back the cryptocurrency bazaar was at a multi-month high, a majority of investors were calling for new highs.
So back a arresting crypto banker said that XRP, again at $0.27, was on the border of falling by 50% appear a “potential abiding bottom” amid $0.13 and $0.15, abounding alone the sentiment.
The aforementioned banker is now calling for Ethereum to abatement to $40-45, acquainted how the cryptocurrency is in a arbiter “corrective pattern.” The anticipation that Ether will abatement 80% in the months advanced was begin application Elliot Wave analysis.
All Eyes on Bitcoin
While the trader’s abovementioned analyst has acceptance due to his clue record, Ethereum’s aisle is abundantly abased on Bitcoin.
And appropriate now, Bitcoin’s aisle is bullish.
Per previous letters from Bitcoinist, the MACD aloof addled bullish on Bitcoin’s one-week chart, suggesting a medium-term balderdash rally.
The MACD axis bullish on the one-month has apparent the alpha of able rallies in the past.
In 2024, the indicator addled blooming at $2,000 to mark the alpha of a 1,000% assemblage to $20,000. At the alpha of 2024, Bitcoin rallied 300% back the indicator trended blooming in January. And aloof recently, it addled blooming above-mentioned to BTC ambulatory from $8,000 to $10,500.
Ethereum Gets Massive Fundamental Boost
This bearish assay aside, Ethereum has afresh apparent an arrival of absolute axiological events.
Announced by Katie Haun and Chris Dixon, Andreessen Horowitz (a16z) — a VC close accepted for its investments in Twitter, Slack, Lime, Instagram, and abounding added big companies — aloof accomplished its fundraising for the firm’s additional crypto fund.
Venture broker Andrew Kang believes that Ethereum could be one of the better beneficiaries of this new fund.
The broker interpreted a16z’s advertisement that it will be absorption this basic on “next-generation payment” projects as a assurance that they will be “investing in ETH, the stablecoin adjustment layer.”
Considering a16z’s antecedent investments in the space, Kang’s affirmation may be correct.
The adventure fund’s aboriginal crypto armamentarium fabricated ample investments into Ethereum, stablecoins, and decentralized finance.
A16z’s Ethereum wallet, for instance, holds $19 actor account of ERC tokens like MakerDAO’s MKR and Synthetix, while the armamentarium fabricated absolute investments into Ethereum projects like Compound, dYdX, and TrustToken.
Should a16z’s Crypto Fund II chase a agnate format, endless projects based on Ethereum and potentially Ether itself could account abundantly already investments alpha rolling.
