Chart Shows Ethereum Can Still Hit New ATH This Year, Analyst Confirms Bullish Path for XRP

The Ethereum price rally has stalled over the last week, but its chart remains ultra bullish. After the current correction phase, analysts like Carl Moon have predicted that the ETH price could still rally to a new all-time high this year, with targets as high as $7,000. 

A widely followed analyst, Ali Chart, suggests that XRP is firmly on a bullish path backed by strengthening fundamentals. According to the analyst, if the XRP price breaks above the $2.90 resistance, there’s a real chance that the altcoin could pump to a high of $3.70.

Ethereum Has a Good Chance of Setting a New ATH This Year

Since the Ethereum price hit its current ATH of $4,946 in August, the leading altcoin has recorded a correction of more than 10%. Although the correction occurred, Ted Pillows writes that Ethereum continues to outperform Bitcoin by far, a trend that he thinks will persist.

The analyst, Simon Dedic, has explained that a massive Ethereum price pump could happen soon as the $ETH monthly open is way above its 4-year downtrend. With this bullish chart, Dedic predicts Ethereum could form a god-tier candle in September like it did in September. With this, the analyst believes $6,000 isn’t an unrealistic target for Ethereum this month.

Carl Moon believes it’s possible that the Ethereum price rallies as high as $7,000 this year in the next leg up. Corroborating the predictions of a heavy price pump coming, there have been several reports of massive ETH accumulation.

DeFiTracer has reported that Binance, the leading crypto exchange, has been buying millions of $ETH tokens, saying they know something is coming. CMDR also shares the trend of whales selling Bitcoin to purchase ETH. 

The analyst shares a whale wallet that sold $435 million worth of BTC to buy $433 million in Ethereum. This trend suggests that whales believe Ethereum will continue to outperform Bitcoin.

Ali Chart Confirms Bullish Path for XRP

Since the XRP price reached its current high of $3.65 in July, the altcoin has been trading in a descending triangle pattern. Because of this bearish pattern, the XRP price has declined under $3, currently trading around the $2.80 support level.

Ali Charts has presented a chart of the downward triangle, but emphasizes that the upward trajectory of XRP is still in play. According to the analyst, the XRP price must defend the support level at $2.70 to maintain its bullish structure. A drop under the resistance level at $2.70 could fuel an even worse sell-off.

Should the XRP price be able to protect the previous support of $2.70, then the next upward step will be to clear the previous resistance at $2.90, and the actual upward trend will commence.

If XRP manages this, Ali predicts that the XRP price will target previous highs at $3.7. Clearing this resistance will push XRP into another price discovery phase. There has been an uptick in XRP whale purchases in anticipation of this move.

A major event that could ignite this rally, as reported by John E. Deaton, is the massive inflows that will come after Ripple ETFs have been approved. Per the PolyMarkets site, there’s an 87% chance that the SEC will approve several of the 15 XRP ETF applications before the end of the year. Deaton believes that the inflows into these XRP ETFs will shock many people, possibly pushing the XRP price to new highs.