The pseudonymous crypto strategist known in the industry as Kaleo tells his 535,400 Twitter followers that Ethereum looks poised for a strong rally as it threatens to take out its diagonal resistance on the lower timeframes.
“The real acceleration of the send for ETH should happen breaking the resistance noted by the green arrow below.”
At time of writing, Ethereum is changing hands for $1,764, up 1.53% on the day.
Against Bitcoin, Kaleo says the ETH/BTC pair just bounced from a crucial support area and now appears to be gearing up for a 23% rally toward his target.
“ETH/BTC continuing to strengthen off the bounce .0.1+ [BTC] is a magnet.”
At time of writing, the ETH/BTC pair is trading at 0.081 BTC ($1,751).
Kaleo is also keeping a close watch on Cosmos (ATOM), an ecosystem of blockchains designed to scale and communicate with each other. According to Kaleo, ATOM/BTC has “explosive potential” since the pair has been in a multi-year accumulation phase.
“The Cosmos ecosystem has continued to show strength during the bear market, and it’s not going anywhere. Next bull market it’ll be well above this range… Two and a half years of consolidation that looks like that and a sub $5 billion market cap should equal explosive potential for a real bull market….
A 3x or so vs. BTC in the next couple of years from the current ratio sounds about right. Might not be as sexy as some other plays, but if there’s one thing I’ve learned over the past five+ years in this game, safe is better than sexy 9/10 times.”
At time of writing, ATOM/BTC is valued at 0.0007295 BTC ($15.77).
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