Top Analyst Cheds Draws Path For ETH, AVAX, DOT, Amid Correction
A prominent crypto analyst, known as Cheds, looks into what could be ahead for Ethereum (ETH), Avalanche (AVAX) and Polkadot (DOT) amid the wider crypto market correction.
Ethereum (ETH)
In a recent video update, the analyst shared with his 45.7K YouTube subscribers that ETH could see a drop below the $2,000 level, as BTC keeps weighing down the rest of the market.
“When you look at this you could see it’s a great move, the kind that got a little bit over its skis and it’s probably going to come back lower. I’m much more interested around $1,800 for a trade, $1,800 to $2,000. I think it’s probably going lower because I think Bitcoin is going lower, but if I didn’t think Bitcoin was going lower, I’d still look at the chart and think this chart’s going lower.”
At the time of writing, ETH trades at $2,843, down 5% on the weekly time frame.
Avalanche (AVAX)
According to Cheds, the existing market conditions looks to affect Ethereum rival Avalanche as well. AVAX at the moment seems ripe for further downside, the analyst projects.
“This is not good. I mean, minimally, it looks like you’ll probably test low 50s to probably break it… You have the down move and you’ve got the kind of rising channel and a break from the channel. Simplify your thinking: This is what you got: you’ve got a move, you’ve got a consolidation and then potentially a break and a continuation of that. It does not look good.”
At the time of writing, AVAX trades $60, down 15.5% on the weekly chart.
Polkadot (DOT)
Regarding Polkadot, Cheds points out that DOT is in a deep correction, and looks to be getting ready for another major dip below its current levels.
“Momentum here is like mega down. This is a really strong sell signal, a short signal. You got to remove yourself from why you think you’re in the trade… You see it in the price. You see the momentum. This is like a nine out of 10, 10 out of 10 sell or short signal on DOT. Doesn’t look so good.”
At the time of writing, DOT trades at $14.96, down 17% on the weekly chart.
