Crypto strategist and trader Josh Rager predicts that Ethereum (ETH) is on the verge of igniting a strong bullish rally in an attempt to catch up with Bitcoin (BTC).
In a new tweet, Rager says the leading smart contract platform could soar as high as 76% as he expects ETH to break resistance of $475.
“Added a big stack of ETH at the $442 support retest.
I’m serious about not missing the eventual big move up to $700 to $800.
Looking for a break of the previous range above.
Will play this level by level with stops below my entry.”
As for Bitcoin, Rager believes that the leading cryptocurrency can print a new yearly high as he expects it to break $16,000 as long as it can recover $15,420.
“Reclaiming the price for Bitcoin would just show that this was a marvelous bear trap before sending the price over $16,000.”
As BTC surges higher while ETH consolidates, Josh Rager says Ethereum is now poised to play catch-up.
“BTC is currently only 26% away from its all-time high. ETH, on the other hand, is currently over 208% away from an all-time high price. Recently, ETH [has] been outperformed by BTC but now looks quite bullish and has a lot of space to pump and catch up.”
In addition to the top two cryptocurrencies, Rager is looking at Chainlink (LINK). With LINK holding $12.30, he expects the decentralized oracle network to climb above $13.
“Held support on low-time frames. [It] was a great place to ‘buy the dip’ for Chainlink. LINK wants $13+.”
Rager is also keeping a close eye on decentralized finance (DeFi) token YF Link (YFL), which he says is en route go above $500.
“Beautiful dip yesterday. Retest of resistance but I have very good feelings that as long as Bitcoin doesn’t pullback heavy YFL will be back over $500 very soon.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.