One of the biggest investors in the market shared the altcoin project, which he expects to move towards the end of the year. Anonymous whale and cryptocurrency analyst nicknamed Kaleo expects “bullish moves” in the near future.
Kaleo predicted 60% rally for this cryptocurrency
The widely followed analyst implied in his current analysis that Ethereum is ‘about to explode’. In the technical analysis he shared on Twitter, he included a rally scenario of up to 60% for the leading altcoin. The crypto analyst says that ETH price is on its way to rise more than 60% from current levels:
The rally will start soon and Ethereum will reach $2,000 and above.
In the midst of Kaleo’s $2,000 forecast, Ethereum price was trading around $1,220. The analyst believes that Ethereum will outperform the US dollar, while he predicts that it will underperform in the Bitcoin pair (ETH/BTC).
Cryptocurrency whale says Bitcoin will remain dominant for a while
Earlier this week, the analyst predicted that ETH/BTC would continue to decline. Thus, the leader implied that the crypto would surpass Ethereum in the coming months. The descriptions are as follows:
In the last squeeze, ETH outpaced BTC, but was quickly rejected by resistance. I still expect that rate to drop in the coming months.
Considering the ETH/BTC downtrend, Kaleo suggests that for Ethereum to recover, it needs to increase by about 108% from the current price of Bitcoin at $16,840:
BTC will need to reach $35,000 and above to settle with the ETH/BTC ratio breakdown.
Analyst still says Ethereum will recover in the long run
According to Kaleo, a bearish chart of ETH/BTC will not prevent Ethereum from recovering against the dollar. The analyst says Ethereum’s weakness is simply due to Bitcoin’s dominance:
If the pennant breaks lower and retests the higher timeframe support, I believe it will eventually break. This does not mean that ETH/USD will not continue to rise. Only BTC outperforms.
How far is the leading altcoin from Kaleo’s goals?
Data provided by Glassnode shows that the number of addresses holding more than 100 Ethereum has reached the ATH level of 48,266. However, the whales also took the opportunity to collect a large portion of the Ethereum supply. This is supported by data provided by Santiment that suggests it holds 7,064 percent of the best major Ethereum supply. As a result, a large concentration of ETH held by a few strong addresses could make Ethereum susceptible to price fluctuations.
However, the data has emerged that most Ethereum investors will not sell yet. At the time of this writing, the MVRV rate had fallen. This data shows that most ETH holders will lose if they decide to sell. Along with the falling MVRV rate, the number of transactions on the Ethereum network also decreased. Time will tell if Kaleo’s goals are correct as they make technical sense.
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