ETH takes more time to bottom, but according to TOP analysts, one of its competitors will explode

A prominent analyst says that despite recent strength, Ethereum is still in a consolidation phase, but one of its rivals is poised to bounce back.

The analyst, nicknamed altcoin Sherpa, told his 168,000 Twitter followers that he is keeping an eye on the NEAR protocol.

The NEAR protocol is a blockchain operating under the Public Proof of Stake and Sharded (Sharding) mechanism, aiming to become a decentralized cloud computing platform run by the community. NEAR, its original token, has been in a downtrend for the past month and is currently 45% off its all-time high, but altcoin Sherpa says Ethereum’s competitor now presents a great buying opportunity.

“NEAR: This is a hot zone for me, Fib 0.786, 200-day EMA, etc. $10-$11 is where I accumulate. I still have a lower bid if the price falls below that, but overall it’s looking good.”

The source: Altcoin Sherpa/Twitter

Looking at Ethereum, the analyst says that while ETH may have regained the $3,000 mark, there is still a high possibility that the leading smart contract platform needs more time to consolidate and possibly a new one to bottom out before embarking on another bout of recovery.

He compares the current price action to 2018, when ETH surged higher only to spark another bear market.

“I think macro soils take longer to form – weeks or months. With that in mind, ETH can hit a lower high with a double jump down – look at how ETH performed in 2018.”

The source: Altcoin Sherpa/Twitter

The source: Altcoin Sherpa/Twitter

As for Bitcoin (BTC), altcoin Sherpa takes a neutral stance on the top cryptocurrency. According to him, Bitcoin looks strong in the short-term, but there is still work to be done to get back on the uptrend.

“BTC: One interesting thing for me is that all 4-hour EMAs are almost resetting. On a daily basis, the price needs to reclaim the 200 SMA to confirm the uptrend, but overall things are looking good in the near term…”.

The source: Altcoin Sherpa/Twitter

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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