A popular cryptocurrency trader has recently revealed that he believes the price of the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), is set to “easily” surge in the near future, and updated his outlook on altcoins $XRP and $DOGE.
In a video published to his over 50,000 followers on the Google-owned video-sharing platform YouTube, pseudonymous analyst DonAlt discussed the potential for Ethereum’s price to rise 36% from its current levels, conditional upon the digital currency’s ability to convert a significant resistance level into a supportive one.
Per his words we could “see an ice bump on ETH” after there was a breakout attempt around the $1,9000 mark that “got immediately shut down.” To the analyst, if the cryptocurrency manages to creep back up to that level, it could easily squeeze to $2,500.” Ethereum is currently trading at $1,840.
Additionally, DonAlt expressed an interest in $XRP, the sixth-largest cryptocurrency by market capitalization, which he said is hinting at a potential breakout. He suggested that the impending ruling on the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, a major player in the XRP ecosystem, is fueling the cryptocurrency’s appeal.
The analyst said XRP has been performing remarkably well, even “stronger than Litecoin,2 which is due for a halving in August of this year. XRP-focused investment products, as CryptoGlobe reported, have seen inflows over the past week, even as digital asset investment products have seen outflows totaling $62 million.
On the other hand, DonAlt was less enthusiastic about Dogecoin ($DOGE), the meme-inspired cryptocurrency. He stated that Dogecoin’s reputation has taken a hit recently, and its price trajectory seems to be on a consistent decline.
Per the analyst, as Daily Hodl reported, Doge has “been sullied,” and its chart if “walking down.” DonAlt said the cryptocurrency’s chart “ctually looks very fractal if you think about it. So move up, bounce down. You have a move up, bounce down. So right now, not too pretty.”
Featured image via Unsplash.