A popular on-chain strategist claims that Ethereum (ETH) has excellent risk-reward.
Analyst Ali Martinez told his 76,900 followers on social media platform X that ETH appears to be forming a bullish ascending channel on the weekly time frame.
“The risk/reward ratio on Ethereum is too good to pass up as a long position! I set my stop below $1,880 and am aiming for a target of $6,000.
Looking at his chart, the analyst suggests that ETH is holding the lower trendline of the ascending channel as support and may soon retest the upper boundary at around $6,100.
However, Benjamin Cowen, another cryptocurrency trader, told his 819,000 YouTube subscribers that based on a historical trend of Ethereum bottoming out during the fourth quarter, he expects what ETH falls to its logarithmic trendline, potentially as low as $1,000.
“When I look at the cycle, I see ETH at $2,400 and I just think there’s a very high probability that in a few months, probably less than two months, we’ll look back at it and see that Ethereum has finally disappeared at home and we had to wait until the fourth quarter of 2024 to get there…
In 2016, you can see that Ethereum finally entered the lower log correction trendline essentially in early to mid-November. In 2019, it entered there in August, but then rose above and then only really stayed there sustainably until almost the end of September and October.
ETH is trading at $2,409 at the time of writing, down 2.1% in the last 24 hours.
Next, the analyst claims that Dogecoin (DOGE) is signaling a bullish reversal on the TD Sequential Indicator, which traders use to predict potential trend reversals for the tokens based on the closing prices of their nine or 13 bars or candles. previous ones.
“The TD Sequential Indicator has issued a buy signal on the Dogecoin four-hour chart! If DOGE holds above the $0.141 support, we could see a rebound to $0.162.
It also suggests that if DOGE moves the $0.169 level into support, the next resistance level would be in sight.
“If Dogecoin DOGE breaks above the $0.169 resistance, we could see a 27% rally to $0.209!
DOGE is trading at $0.162 at the time of writing, up 7.4% in the last 24 hours.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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