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Top Analyst Says Sky’s the Limit for Ethereum, Names 4 Crypto Assets Ready for Takeoff

A prominent crypto analyst is predicting that Ethereum is on the verge of another major price rally along with four other crypto assets. The analyst, known in crypto circles as Capo, is updating his altcoin predictions and revealing some of his price targets. As for Ethereum (ETH), Capo says that the “sky is the limit” […]

The post Top Analyst Says Sky’s the Limit for Ethereum, Names 4 Crypto Assets Ready for Takeoff appeared first on The Daily Hodl.

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A prominent crypto analyst is predicting that Ethereum is on the verge of another major price rally along with four other crypto assets.

The analyst, known in crypto circles as Capo, is updating his altcoin predictions and revealing some of his price targets.

As for Ethereum (ETH), Capo says that the “sky is the limit” for the second largest crypto asset by market cap, setting his sights on the $10,000 mark.

Source: il Capo/Twitter

Earlier this week, the crypto analyst said that Ethereum has marked a new floor price and declared the start of alt season is underway.

“Second bold call of the year: ETH never again below $800…

The logic behind [alt season] this is that a large part of the profits generated in BTC flow into altcoins. Also, people are more comfortable investing in riskier assets as the market situation is much better and the general sentiment is bullish. Risk tolerance is higher.”

Capo says that action on the Ethereum to Bitcoin pair (ETH/BTC), which can be a particularly important indicator of altseason, has confirmed that an altcoin rally is afoot.

Unlike the 2017 rally, the trader warns that not every single altcoin will moon this time around.

One asset that Capo believes will rally is Litecoin (LTC). Capo says LTC can hit $1,000 this cycle, which would be roughly a 500% increase in price from where Litecoin is currently trading.

Capo is also bullish on smart contract platform Cardano (ADA), which is approaching the $0.36 to $0.39 level. The trader believes that once ADA breaches that range, it will have no issue reaching $1.00.

“Nothing has changed since the last analysis. [Cardano is] reaching the first target ($0.36-0.39). Above that level, it goes to $1.”

Other altcoins that Capo expects to rally include Balancer (BAL), Reserve Rights Token (RSR) and Waves (WAVES).

On Balancer, Capo says it possesses the “perfect setup.” The token has rallied by slightly over 30% in the last seven days.

Source: il Capo/Twitter

With regard to Waves, Capo finds that the altcoin is likely on a “bullish path,” climbing by 6% in the last 24 hours.

Source: il Capo/Twitter

Capo adds that RSR is signaling a continued rally based on technical analysis. RSR has surged by 101% over the last seven days.

Source: il Capo/Twitter

As for the crypto king, Capo updated his BTC prediction on Wednesday, boldly making the call that BTC will never dip below the $30,000 level again.

“Third bold call of the year: BTC never again below $30k.”

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Source: https://dailyhodl.com/2021/01/08/top-analyst-says-skys-the-limit-for-ethereum-names-4-crypto-assets-ready-for-takeoff/

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Ethereum Price Analysis: 25 January

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Ethereum price hit a new ATH of $1476 on Monday after recently testing the previous ATH a few days ago. While ETH’s resurgence is bullish in the short-term it is yet to determine how the long-term outlook will evolve. At press time, there are conflicting long-term outlooks but the short-term scenario seems bearish for the smart contracts platform.

Trading at $1423 at press time, Ethereum price stands above an important area of resistance; failure to conquer this resistance puts bears in control.

Ethereum 6-hour chart

Source: ETHUSD TradingView

The Ethereum price shows an ascending parallel channel that theoretically calls for a bearish breakout. However, considering the inflow of capital and institutional investment, this is a bull cycle and a bearish breakout seems unlikely. If anything, the breakout from the recent ascending parallel channel in late December is the proof of the bull run.

Hence, this time around, ETH’s price is expected to break higher. At press time, Ethereum’s price is testing the upper trendline of the parallel channel and has to decide if it is going to head higher or get rejected and head lower. If the price gets rejected or forms a lower high on the OBV, then there will be a bearish divergence between the price and OBV. This divergence further suggests a drop for the smart-contracts platform.

Moreover, the Stochastic RSI indicator also suggests that the price is overbought and is preparing for a potential downtrend due to the formation of a bearish crossover.

The RSI indicator hasn’t hit the overbought zone yet but shows signs of diminished buyers – indicating a retracement is likely. As mentioned earlier, the OBV indicator shows that buy volume is reducing indicating a bearish divergence and hence, a pullback.

Conclusion

A pullback at the upper trendline will most likely push the price towards the middle-line of the parallel channel at $1300, which would mean a drop of 7 to 10%. The price is also likely to bounce off the support at $1346, which coincides with the 50% Fibonacci level.

In addition to the indicators, the Fibonacci extension tool shows that there is a golden pocket area above the current price, which is a strong area of support/resistance. Hence, a trend higher for the price here would require strong buying pressure.

Source: https://ambcrypto.com/ethereum-price-analysis-january-25

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January 25, 2021& News

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Crypto Lawyer Stephen Palley Backs SEC, Says XRP Is A Security

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Ripple Would Still Prosper Even If XRP Was Declared A Security By U.S Lawmakers, Brad Garlinghouse Asserts

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A top lawyer and crypto enthusiast Stephen Palley has backed the SEC, saying that XRP is indeed a security. The company behind XRP, Ripple has been in court since late December last year following a suit by the SEC alleging that XRP was an unregistered security.

Prior to this, the XRP community had accused the Ripple management of periodically dumping the cryptocurrency on the market due to its highly centralized system. Ripple has denied this allegation severally before the SEC filed a suit against the company and its executives for selling and making a profit from XRP to the tune of $1.3 billion.

Though Ripple is ready to fight the SEC as it believes that XRP is not a security, some important personalities in the crypto space have affirmed the position of the SEC, one of which is Stephen Palley. Last week, Biden’s newly appointed head of the SEC, Gary Gensler said there may be more unregistered securities like XRP in the crypto space and there is a need to regulate them.

Although the case on XRP has not yet been concluded, the position of top cryptocurrency influencers such as Palley may give an insight into its outcome. Already, many exchanges have delisted XRP and the world’s leading digital assets manager Grayscale also removed it from its large-cap funds earlier this year.

Meanwhile, in Japan, XRP investors have taken a clear position of support for XRP as the court case proceeds. Ripple has a long-standing business relationship with one of Japan’s leading financial services company SBI Holdings. As a result, XRP has become accepted in the country and crypto investors there consider it to be a currency and not a security as the SEC alleges.

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Another country that has supported XRP and Ripple is the United Kingdom where XRP isn’t regarded as a security. Ripple CEO Brad Garlinghouse had earlier announced that the company was considering moving its headquarters to London before the SEC case began. If the court eventually rules in favor of the SEC then Ripple may have to find its place in one of these countries where it is welcomed.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/crypto-lawyer-stephen-palley-backs-sec-says-xrp-is-a-security/

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