Analyst Says Ethereum Primed To Hit New All-Time High as Last ‘Nail in the Coffin for Bears’ Appears
A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on Ethereum (ETH).
The analyst pseudonymously known as Credible Crypto tells his 399,000 followers on the social media platform X that the prospects of Ethereum falling below $1,600 are low and that the second-largest crypto asset’s support level is between $2,800 and $3,430.
According to Credible Crypto, the recent decision by the U.S. Securities and Exchange Commission (SEC) to end an investigation into whether Ethereum is a security serves as a bullish catalyst that could send ETH to a new all-time high.
“The SEC backing off ETH is likely the [last] nail in the coffin for bears here.”
Ethereum is trading at $3,530 at time of writing.
Turning to Curve DAO (CRV), the pseudonymous analyst says that the native token of the decentralized finance (DeFi) platform is offering an opportunity similar to what venture capitalists and other large investors who stepped in to prevent a deeper sell-off following an exploit got last year.
“You now get an opportunity to get in on the backbone of DeFi for less than the big boys who struck over-the-counter deals at $0.40 a year ago.”
CRV is trading at $0.333 at time of writing.
Next up is Convex Finance (CVX). Credible Crypto says that the utility token of the DeFi platform is currently experiencing tight liquidity. According to the pseudonymous analyst, most of the CVX tokens are locked or staked and the circulating supply of tokens is about to reach the maximum supply.
“When things start heating up the supply crunch is going to make this thing rocket.”
CVX is trading at $3.89 at time of writing.
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