Trader Says Market Primed for Strong Reversal After Bullish Move – Here’s His Target for Ethereum and Altcoins

After a strong move to the upside, a well-known crypto analyst suggests that the market is gearing up for a potential reversal. Crypto Capo, a pseudonymous trader with a large following on Telegram, advises his 132,000 followers to consider taking profits as altcoins appear poised for a possible crash following significant gains.

Capo notes that Bitcoin has surged to $98,000 and even higher, with Ethereum reaching $2,300 and Solana hitting the $170-200 resistance level. Altcoins have seen impressive gains of 30%-100%, leading Capo to recommend taking profits as a reversal is expected to be imminent.

Specifically, Capo predicts that Ethereum, the second-largest cryptocurrency by market cap, has reached its resistance zone and is likely to form a local top before experiencing a strong bearish move. He anticipates a correction below $1,200 in the near future, possibly around June.

On the other hand, Capo is more optimistic about Solana, suggesting that the smart contract platform could continue its upward trajectory and outperform Bitcoin. He believes that Solana is on track to reach its main target of $170-200, indicating that the Solana ecosystem is poised for further growth.

As of the time of writing, Ethereum is trading at $2,290, reflecting an 11.5% increase in the last 24 hours. Meanwhile, Solana is trading at $170.68, showing a 7% increase over the same period.

In conclusion, while the market is showing signs of a potential reversal, traders are advised to stay vigilant and consider taking profits as altcoins may be at risk of a sharp correction. It is crucial to closely monitor price movements and stay informed about market developments to make informed trading decisions.

Follow us on X, Facebook, and Telegram for the latest updates and insights on the cryptocurrency market. Don’t miss out on important news by subscribing to our email alerts. Stay informed about price action and explore The Daily Hodl Mix for a comprehensive overview of the crypto landscape.

Featured Image: Shutterstock/NextMarsMedia