EdaFace and Ethereum prices are in the spotlight as we start a crucial week for the cryptocurrency market, with investors paying close attention to the US Nonfarm Employment data. As market participants keenly watch the unfolding events, the possible impact of this economic data release could affect the current rally of the top cryptocurrencies.
Ethereum is preparing slowly for an upside surge, according to a crypto expert who predicted the market-wide rally for digital assets this year. DonAlt said that Ethereum’s weekly chart shows strength and that the second-largest cryptocurrency by market cap could pop to as high as $2,500.
The expert explained that Ethereum’s current setting resembles its market structure in late 2020 when ETH was making small gains at about $300 before sparking a bull market. He said that ETH is rising up very slowly and has been holding the $1,760 level. The analyst said that the asset held $1,680 at the top of the consolidation.
“It’s walking up. It’s walking up slowly. I actually kind of like that because when it goes sideways if you just look to the left [of the weekly chart] on October and September of 2020, when it starts walking up to the right slowly, you usually get good trends out of it.”
The crypto expert also said that Litecoin (LTC), a peer-to-peer payment network, looks bullish and may be positioned to overcome a significant psychological barrier at $100.
“You look at the weekly on Litecoin/USD that looks so, so good. That looks incredibly good… To me, this just looks really strong. You had a very deep retest. You had a massive bounce out of it, and I think that’s going to push higher above $100 eventually.”
As for XRP, the sixth-largest cryptocurrency by market size, DonAlt said he’s still bullish on it but is waiting for a short-term decline.
