ETH’s Path Could Be Cleared To Reach $2,200: Analyst

A Bitcoin enthusiast and analyst who goes by the name of Pentoshi shared his thoughts and predictions about BTC and Ethereum (ETH) in an X post yesterday. According to the analyst, if the price of ETH can close this week within the $2,148 and $1,796 range, it could open doors for the altcoin leader to climb to $2,200.

$ETH
Closing this weekly back inside the range opens up the doors to $2,200

Despite it severely underperforming BTC it’s now beginning to enter the demand zone on the btc /eth ratio

BTC is bullish as long as above the 31.5-32.5k area thus I’ll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O

— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) October 29, 2023

Despite the fact that ETH has been underperforming against BTC recently, the analyst believes that ETH is beginning to enter the demand zone with the BTC/ETH ratio. Meanwhile, CoinMarketCap indicated that, at press time, ETH was worth $1,815.45 after its price jumped 1.56% over the past 24 hours.

ETH/TetherUS 1-Day Chart (Source: TradingView)

The altcoin’s 24-hour trading volume also managed to climb by 31.36%, which caused it to climb to $5,195,584,839. Its price surge also allowed ETH to strengthen against BTC by about 0.79% since yesterday.

The jump in ETH’s price also pushed up its market cap to $218,889,662,847. Things were also looking good for ETH on its weekly time frame as its price was up more than 8% over the past 7 days

With regards to BTC, Pentoshi predicted that as long as BTC can stay above the $31.5K-$32.5K area, he will remain bullish on the cryptocurrency king. If BTC’s price dips below these levels, the analyst stated that his bullish thesis would be invalidated.

BTC/TetherUS 1-day chat (Source: TradingView)

At the reported time, BTC was worth $34,372.11 after its price rose 0.50% since yesterday. This came after BTC was able to set a 24-hour high price of $34,734.26. The market leader’s intraday volume stood at $13,665,054,055 after it experienced a 43+% surge over the past day.

The token’s weekly performance was also still in the green recording a 12+% spike. Additionally, “Uptober” was fully embraced by BTC as its price climbed by 27.45% over the last thirty days.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source