The cryptocurrency market is focused on the US presidential election. Amidst this wait, analysts share their predictions according to different scenarios. Leading altcoin Ethereum shows a great risk-reward ratio setup, says a popular analyst. In this link the analyst explains his target price for ETH.
Ali Martinez: Risk-reward ratio in Ethereum is very good, target is $6,000!
cryptokoin.comAs you follow from , all eyes are on the US presidential race. Donald Trump and Kamala Harris are fighting hard to get to the bottom. Crypto players are looking for opportunities amidst this wait. Experienced analyst Ali Martinez says that ETH has formed a rising channel on the weekly time frame. In this context, the analyst explains his target for the leading altcoin:
The risk-reward ratio on Ethereum is too good to miss for a long position! I placed my stop below $1,880 and am targeting $6,000.
Source: Ali MartinezAccording to the chart, the analyst notes that ETH is holding the lower trend line of the ascending channel as support. It also suggests that ETH will soon retest the upper limit around $6,100. Meanwhile, Ethereum was changing hands at $2,440 at the time of writing, down 10% on a daily basis.
Benjamin Cowen predicts a decline for the leading altcoin!
However, crypto trader Benjamin Cowen disagrees with Ali Martinez on Ethereum. Cowen expects ETH to fall back to the logarithmic trend line, potentially as low as $1,000, based on a historical pattern where ETH bottomed in the fourth quarter. In this regard, the analyst makes the following statement:
When I look at the cycle I see ETH at $2,400 and I think there’s a really good chance that in a few months, probably less than two months, we’ll look back at this and see Ethereum finally go home and it takes until Q4 2024 to do so … In 2016, you can see Ethereum finally entering its sub-logarithmic correction trend line in early to mid-November. In 2019, it entered in August, but then rose above it again and could not stay in this line permanently until almost the end of September and October.
Michigan Pension Fund adds Ethereum ETFs to investment portfolio
Michigan State Retirement System is increasing its crypto investments with Ethereum ETFs. An SEC filing reveals that Michigan’s pension fund currently owns 460,000 shares in Grayscale Ethereum Trust and Grayscale Ethereum Mini Trust. The filing also shows that the fund owns 110,000 shares in the ARK 21Shares Bitcoin ETF, valued at $6,981,700. This shows increasing exposure to digital assets, including recent altcoin investments.
