Cryptocurrency analyst il Capo of Crypto shared an update on the price of Bitcoin (BTC), Ethereum (ETH) and Avalanche (AVAX), for which he had previously published his analyses.
According to the analyst, Ethereum price has reached the previously targeted region between $2,900 and $3,000. ETH is trading at $2,970 at the time of writing.
In his statement, il Capo said that ETH is currently at a major resistance point. However, the analyst added that he expects a strong rejection from this level for ETH soon.
However, talking about Bitcoin, the analyst reported that BTC reached a very important peak together with ETH. At the time of writing this article, BTC price is trading at $52,000.
According to the analyst, altcoins also appear to be overextended and funding rates are also too high. According to the analyst, a 10-20% decline may be observed in the cryptocurrency market in the near future and BTC may drop to $ 45,000.
On the other hand, the analyst, who gave his thoughts about AVAX, stated that he expected a decrease from the current price level of around $ 39 to $ 34 in the first place, and then a sudden movement to the $ 52 region. However, il Capo thinks AVAX will face major resistance between $50-$55 and the subsequent decline could drop the AVAX price to around $23.
*This is not investment advice.