Capo: ETH Could Follow ADA And Potentially Reverse Against Bitcoin
A widely-followed trader and analyst known as Capo maps out Ethereum’s path ahead, predicting that the asset will follow in Cardano’s footsteps.
In a recent series of tweets, Capo notes that Cardano (ADA) recently retraced against Bitcoin (BTC), indicating that a similar move could be in store for Ethereum (ETH), the second-largest asset by market cap.
The price of Ethereum could fall below $2,000 at the beginning of August, provided the price of BTC remains at around $40,000, according to Capo’s prediction.
But if the flagship cryptocurrency turns $40,000/$41,000 into support, says the analyst, it is destined to hit $100,000 or more.
“$40,000-41,000 is major resistance for BTC.
1) Wait for a clean break + retest of this level
2) Wait for a correction in 3 waves
When it consolidates above the range high, $100,000+ will be inevitable.”
Bitcoin has gained close to 25% in the past week or so, up from a low of $31,783 to $39,992 at time of writing. On Wednesday, Bitcoin’s price action circled $40,000, prompting a bullish tweet from Capo, who indicates that the top cryptocurrency is showing bullish signs.
