Have Bitcoin and Ethereum Bottomed Out? Top Trader Examines Path Forward for the Two Largest Crypto Assets – The Daily Hodl

A popular analyst is digging into the charts to set price targets for six crypto assets as the markets try to end the week on a bright note.

Pseudonymous crypto trader Altcoin Sherpa tells his 180,100 Twitter followers hes looking at the 200-day exponential moving average (EMA) for Bitcoin (BTC) on four-hour candles to plot out both short-term highs and lows.

The crypto strategist also says that while Bitcoin has managed to establish a near-term range, he does not believe that the bear market bottom is in for BTC.

I think that the top of range makes sense at this point, eyeing $21,600 and $22,000 as of now.

Still doubtful this is the macro bottom but its a very strong tradeable event. Taking profits higher where the 200 EMA four-hour is.

Bitcoin is currently up by 1.5% over the last 24 hours, changing hands for $20,693.

Moving on to leading smart contract platform Ethereum (ETH), Altcoin Sherpa again utilizes the 200-day EMA metric to establish a price fluctuation zone of $1,013 to $1,283 while cautioning that ETH could fall to as low as $850 before the next big rally.

Idea [ETH] goes to the highs/hits resistance at 200 EMA four-hour and then back to the lows.

Could even go as low as $850 before springing higher. NOT the bottom yet though [in my opinion].

Ethereum is up by 2.33% on the day, priced at $1,217.

Regarding enterprise-grade blockchain platform Fantom (FTM), the crypto analyst doesnt have high hopes but thinks FTM could at least reach the mid-point of its current trading range.

I havent looked at this shitcoin in a while. I wouldnt be surprised to see this grind up to the [equilibrium] of the range around $0.32.

Its still super bearish though overall.

At time of writing, Fantom is valued at $0.25.

Next on the analysts radar is Ethereum competitor Solana (SOL). He says hes planning to fully exit his positions if SOL can work its way up to $42.

Im 1/3rd out of this position, took this one and entered at $34.

I think this can make its way to the top of the range at $42, where Ill be mostly all out at that time.

Solana is rallying nicely off its weekly lows in the $32 range and is currently trading at $37.01.

As for cross-chain interoperability protocol Polkadot (DOT), Altcoin Sherpa believes the bottom still isnt in despite DOT pushing steadily downward since April.

I dont think this is accumulation quite yet but this is always really hard to see in real time. Chop around here another few weeks and I could maybe see it being the bottom.

Until then, Im going to assume $5 is coming.

Polkadot is currently changing hands for $6.74.

Last on the traders list is lending and borrowing protocol Aave (AAVE), which he predicts is due for a significant leg down before any rally could take place.

I think that the cluster of EMAs could be a decent entry around the mid-$70s ($75ish) if youre playing the lower timeframes.

It looks bullish on the four-hour but still pretty bearish on the one-day/higher timeframes.

Id probably look to short low-$100s if/when it gets there.

Currently, Aave is down over 4% on the day with a price of $88.85.

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Have Bitcoin and Ethereum Bottomed Out? Top Trader Examines Path Forward for the Two Largest Crypto Assets - The Daily Hodl