A well-known crypto strategist is currently focusing on two prominent altcoins, expressing optimism about their future potential. During a recent strategy session, the pseudonymous analyst Cheds shared his insights with his 50,400 YouTube followers, emphasizing his bullish stance on Ethereum (ETH) despite the cryptocurrency’s recent inability to maintain momentum after achieving a new all-time high.
Cheds contends that Ethereum is on the verge of transforming a significant resistance level into support, a move that could position ETH favorably for another potential surge toward new all-time highs. He elaborated on this analysis: “Ethereum still looks incredibly good. We had the beautiful, the magnificent, nobody’s ever seen it, this beautiful descending broadening right angle wedge – a breakout from that. The measured move, whether viewed on a logarithmic or linear scale, suggests a target between $6,500 and $9,000.”
Despite this optimistic outlook, Cheds noted that Ethereum must overcome the resistance posed by its previous all-time high. He pointed out that the current price action is significant: “Even though there’s the measured move from the broadening wedge, it paused at all-time high [level], so that’s resistance. You’ve got support here, and very simply, Ethereum is pretty easy to mark up here because you’re going to zoom in and say, if I get a shot, if I get a bullish retest, a throwback, $3,950, $4,000, I’m jumping in, and you’ve got your overhead level. Very well described.” At the time of his commentary, Ethereum was trading at approximately $4,279.
In addition to Ethereum, Cheds expressed interest in Solana (SOL), highlighting that the coin is attempting to surpass the $200 mark but is currently facing hurdles. He described Solana’s price movement as a gradual ascent, indicating that while it’s not exhibiting a straightforward breakout, there are signs of increasing demand. Cheds remarked, “It’s grinding higher. It doesn’t have a straight-up breakout feel, and a lot of people keep getting these early [failed breakouts]. It’s grinding. It’s breaking out and pushing back into the range, but what’s most notable is this rising demand trend. More aggressive buyers along the way.”
He suggested that as long as bullish momentum persists and key support levels are maintained, Solana could continue its upward trajectory. Cheds mentioned his preferred buying level, stating, “For me… I’d love to buy back at $180. That’s kind of the key level for me still.” At the time of reporting, Solana was trading around $200.
The market’s eyes remain fixed on these two large-cap altcoins, with traders and investors taking cues from analysts like Cheds as they navigate the dynamic landscape of cryptocurrency investments.
