Crypto Analyst ‘The Cryptomist’ Predicts Bearish Outlook For Ethereum And Litecoin
Recent Gains Not Indicative Of Future Growth, Most Analysts Agree On Bearish Run
The stock market is known for its capricious nature. Following a rally from last week, most crypto assets saw a surge in its prices. Bitcoin, Etherum, and Litecoin all saw prices surge up in double digits during this period. While this has excited many, there is still a lot of caution amongst analysts as the week goes on.
The main point being discussed by many is that while Litecoin and Ethereum are seeing their values increase, this might lead to a higher selling pressure very soon. Thus, people are being asked to temper their optimism and observe the market trend a little longer before executing any trades.
Ethereum has gained significantly from its weekly low of $103, and is now trading at around $122 with the expectation being that it will cross the $125 threshold and maintain the status quo there.
The Cryptomist, an online crypto analyst noted the following
“ 130 is the target but short term fall is coming due to a rising wedge and bearish div. Still, believe we can see $150 region at a later time.”
And this is not a stray opinion, another popular analyst on Twitter,GeorgeCrypto says,
“$ETH Just went short. Range high swept, expecting a test of range low. Close 50% on a sweep of the low into support. See what we get next.”
The thing to take from these comments is to not get one's hopes too high as the Ethereum price surge might mean many might look to exit the crypto at this time and depress the markets again.
Like ETH Litecoin [LTC] had also had a resurgence of sorts, rising from its lows of $32 to be trading at around $47, all in a weeks time. However, as the week has worn on, the price has been sliding slowly but surely.
Commenting on this, Hsaka, an analyst asked
“Where did all the ‘LTC is the market leader’ posts go? Currently short from 1206, bearish below the red levels.”
Although Litecoin has continued to peter off from those gains, other digital assets have had better luck. Most coins in the top 20 have seen minor gains. Yet one only hopes that the importance is laid towards stability and any increase in prices should be greeted with caution.