Could it finally be time for Ethereum to rally? Several prominent analysts now believe that is the case.
The Ethereum price secured a monthly close above the crucial $1770 support level, leading experts to believe that a breakout rally to $2000 is imminent in May. Even analysts who believe that ETH is still in a macro downtrend are anticipating a relief rally.
However, smart money investors aren’t going all in on Ethereum, owing to its underperformance and lack of a specific bullish narrative.
Instead, experts believe that Bitcoin and BTC-themed altcoins are still the best cryptos to buy in the current market.
For instance, BTC Bull Token (BTCBULL), a Bitcoin-themed meme coin, has raised over $5 million in its presale behind strong smart money demand. Several analysts are calling it the next 100x meme coin.
Ethereum Price Prediction — $2000 Possible this May
Ethereum closed the month of April at $1793, giving much-needed respite to the bulls. This is because data from the on-chain analysis platform Into The Block indicated $1770 to be the key support level for the second-largest cryptocurrency.
Popular trader Crypto Fella has also highlighted that ETH formed a “hammer candle” on the monthly chart in April, a bullish reversal pattern characterized by a small real body and a long lower wick, showing that buyers stepped in strongly after a deep intra-month decline. The last time this pattern occurred, it resulted in a 60% rally in Ethereum.
Indeed, there is a growing consensus among experts that the ETH price has bottomed out. However, even the analysts who believe that the altcoin is still in a downtrend are expecting a relief rally.
For instance, prominent analyst X Force Global has used Elliot Wave counts to indicate that the Ethereum price could rally to $3,100 in the coming months. He has also suggested the possibility that the second-largest crypto could see a full-blown bull run as well, potentially surpassing the $8000 mark by 2026.
However, sidelined investors still need to exercise caution. The lack of a bullish narrative surrounding Ethereum makes it an underwhelming investment. Most buyers are investing in it because they consider it undervalued.
As a result, it could see short-term pump-and-dump price action from whales, rather than a sustained rally. For instance, during its rally in late April, whales sold $445 million worth of ETH, choosing to secure profits rather than believing in a long-term rally.
Therefore, while smart money investors are allocating a small portion of their portfolio to Ethereum, they still believe that Bitcoin and BTC-themed altcoins are the best cryptos to buy now.
Why BTC Bull Token is Among the Best Cryptos to Buy Now
The demand for Bitcoin-themed tokens is evident in BTC Bull Token’s presale. Behind a strong interest from smart money investors, the BTCBULL presale has raised over $5.3 million in short order.
BTC Bull is the perfect meme coin for MicroStrategy’s Michael Saylor. It is designed for investors who believe that Bitcoin will continue its long-term growth trajectory and hit $250k, $500k and $1 million in the near future.
The meme coin offers several alternative revenue streams for holders to benefit from BTC’s forward march. Primarily, they will earn free Bitcoin as airdrops whenever the Bitcoin price hits certain set milestones. The size of the airdrop will be determined by the duration and the amount of BTCBULL held.
Similarly, BTCBULL holders will benefit from token burn events and BTCBULL airdrops at other milestones, in addition to the staking rewards that early presale buyers are already receiving.
Owing to the meme coin’s small market cap and unique concept, several smart money investors and crypto influencers are viewing it as one of the best cryptos to buy now, with many eyeing up to 100x returns.
This article is for informational purposes only and does not provide financial advice. Cryptocurrencies are highly volatile, and the market can be unpredictable. Always perform thorough research before making any cryptocurrency-related decisions.