In the midst of this week’s market turbulence, a crypto trader who is pseudonymously known as Altcoin Sherpa is expressing his view on Ethereum price and other altcoins.
Avalanche (AVAX)
The analyst informs his 176,300 Followers on twitter that the native currency for smart contract platform Avalanche (AXAX) may see a nice short-term trading option shortly, while he does not believe the asset has yet reached its “macro bottom.”
At the moment, Avalanche is changing hands at $23.76 with a plunge by 7.14% over the last 24hrs.
Tron (TRX)
Tron (TRX), a decentralised storage and distribution network for social media and other digital entertainment material, has a native asset, but Altcoin Sherpa says he will hold off on buying in it.
He comments that Tron has maintained its momentum much better than most of the other shitcoins. Though there are some ways to pay, he said before he enters personally, it will be better to wait for the break/retest.
Tron at present is trading at $0.083 with down by more than 6.75% in the last 24hrs.
Ethereum (ETH)
Ethereum (ETH) may trade along and down in value relative to Bitcoin (BTC) until the price crash, says Altcoin Sherpa. He believes ETH will just gain over BTC as a result of the stories around its transition to a new proof-of-stake mechanism.
Ethereum 2.0 aims to address the network’s scalability concerns. This is done by switching from the present proof-of-work (PoW) consensus process to a proof-of-stake (PoS) consensus mechanism. The transformation will take place in August.
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