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Crypto Analyst Announces Price Targets for Ethereum (ETH) and One of Its Key Competitors, and Updates Bitcoin (BTC) Outlook

A popular crypto strategist sets new potential price targets for Ethereum (ETH) and Solana (SOL) while providing an update on Bitcoin (BTC) price action.

Pseudonymous analyst altcoin Sherpa tells his 187,900 Twitter followers that Ethereum could see a 54% drop from current prices if another major event rocks the crypto markets, such as the crypto market. B. the bankruptcy of a prominent company.

He says that there is still support above $900 but that the $500 range awaits below.

“ETH: Some high timeframe charts. I think if a big player like GBTC (Grayscale Bitcoin Trust) sells off we will see around $500-$700 Ethereum. I think $500 should be a decent place to bid when things are going shit on psychological (numbers) alone; but there is still a long way to go.”

Source: AltcoinSherpa/Twitter

At the time of writing, Ethereum is trading at $1,110.

Next, altcoin Sherpa looks at one of Ethereum’s biggest competitors, SOL. He says Solana could collapse to $3 if current price levels don’t hold.

“SOL: If these current ranges fall, $3 is the next significant range up (IMO). In the long term I think the destruction of FTX/SBF (Sam Bankman-Fried) is likely to be a net good for the ecosystem, but in the short term this is still quite catastrophic.”

pictureAltcoinSherpa/Twitter

At the time of writing, Solana is changing hands at $11.73 and has been hit hard by the collapse of crypto exchange FTX. The company’s CEO, Sam Bankman-Fried, was one of the top investors in the ecosystem and will likely be forced to liquidate his SOL holdings as part of the bankruptcy proceedings.

Altcoin Sherpa also has his say on Bitcoin, saying that while BTC could be lower, there are longer-term opportunities ahead.

“High time frame. I think $16,000 / $14,000 / $12,000 are all great levels to buy long term and most investors would do well to include only DCA (dollar cost average) in these three levels. Buy 30% of each and then go away for a few years to make a lot more.”

pictureAltcoinSherpa/Twitter

At the time of writing, Bitcoin is changing hands at $16,086.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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