A popular analyst says he’s feeling bullish on crypto for the end of this year and is updating his outlook on Ethereum (ETH) and Solana (SOL).
The pseudonymous trader known as Altcoin Sherpa tells his 222,400 followers on the social media platform X that he’s expecting a “full send” phase for crypto around December or perhaps early next year.
“Personally I’m bullish going into late Q4 but until that time, I honestly have no idea. Still expecting some chop for Sept/October and then some fakeouts in November. Full send by December/January 2024 though.”
Looking at Ethereum, the trader doesn’t yet see any immediate reason to flip bullish on ETH.
But, he notes that the price has recently been correcting into a high-volume area, suggesting that ETH is sitting on strong support.
“ETH the only good thing I see about this chart is that price is about to hit a high volume node around the $2,200 – $2,400 level. Everything else about ETH is meh..”
At time of writing, Ethereum is trading at $2,438.
Altcoin Sherpa also has his eye on Solana, Ethereum’s biggest rival.
According to the analyst, Solana’s support at $125 looks exhausted after multiple touches.
“SOL at $125 seems like a fine area but this support region looks battered; would definitely save some $ for lower levels like $110 or lower. If trading, it’s better to be late than early in these types of charts, in my opinion. Meaning, it’s better to buy on the way up than knife catch.”
At time of writing, SOL is trading at $130.25.
Generated Image: Midjourney