A closely followed crypto analyst and trader, popularly known as Cred, is outlining what is ahead for the second-largest cryptocurrency by market cap, Ethereum (ETH), and two of its top competitor, including Solana (SOL).
In a new strategic session, Cred stated that Ethereum has likely printed a tradable range provided it maintains the support at $2,000.
Read Also: Popular Analyst Shares Reasons Why Solana (SOL) Remains the Top Ethereum (ETH) Competitor
Cred noted:
“This might be our range for some time. Support on the weekly at around $2,000. Maybe at this point, resistance will become relevant here at $2,500. Then the top of the range at $3,000. So if this is some sort of interim bottom, we’re dealing with the range we have to trade is between $2,000 [and] $3,000, and $2,500 is the range midpoint…
“If stuff continues to bounce, if equities do well etc., the basic target for that would be from support to resistance.”
Another coin outlined by the top analyst is Solana. According to Cred, SOL is currently trading in a big range, which provides viable opportunities for investors.
“If the markets bounce and we see strength and again a usual proviso of equity not shitting the bed, your short-term range in SOL is probably between mid-$40s and closer to $80. This is a pretty big range… My amazing math degree tells me that’s a 2x and 100% gain sort of.”
Read Also: Analyst: Solana (SOL) Could Be On the Brink of a Fresh Price Breakout
The last coin on Cred’s radar is another smart contract platform, Avalanche (AVAX). According to what he said, AVAX is also trading in a wide range. However, the strategist warned investors that the digital asset can potentially deviate from the range and briefly trade above resistance or below support.
“The range high coming in at $40, and the range low coming in at $24… Similar to Solana, decent chart, good areas to trade. Buy support, sell resistance and not do a whole lot else. I do expect a bit of deviation.
“If it goes above resistance, for example, I’d expect a slight push higher than the exact level itself. The same for support: if it goes to support, I’d expect it to push a little bit below.”
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