On the latest episode of Crypto Banter’s ‘The Sniper Trading Show,’ the analyst began by assessing the audience’s optimism and enthusiasm towards the current bull market. He delved into market emotions and stages, highlighting that altcoins are still stuck in a state of disbelief and have yet to reach the ‘Hope’ stage. According to the analyst, this suggests that the altcoin rally phase is on the horizon, typically occurring towards the end of a bull cycle.
The analyst expressed confidence that altcoins are on the brink of a crucial phase in the market cycle, signaling the start of their rally, which usually indicates the later stages of a bull cycle. Specifically, he noted that Ethereum is currently hovering around 3.68 on the Fibonacci levels, aligning with the peak of $4,900. By utilizing Fibonacci levels for analysis from the top to the bottom, all the essential levels were identified. If Ethereum surpasses the initial levels, it signals the next move; otherwise, it tends to revert to the previous level, indicating where to re-enter if profits were taken at those levels.
In terms of Ethereum’s price targets, the analyst has set sights on $7,000, $11,000, and $15,000. He believes that in a genuine bull run, Ethereum should reach the 3.618 Fibonacci level, a pattern observed in past bull markets. Consequently, he is anticipating a potential peak of $15,000, with interim targets at $7,000 and $11,000. As of the latest update, ETH is trading at $3,698, experiencing a three percent decline in the past 24 hours.
However, the analyst issued a cautionary note about the cryptocurrency market, highlighting that despite billion-dollar market caps, the actual value may only amount to around $300 million. This discrepancy stems from the exuberance and hype surrounding the market, leading to inflated prices.