According to cryptocurrency analyst and trader Jason Pizzino, three top altcoins may be on the verge of bullish reversals following the recent market correction.
In a recent video, Pizzino shared with his 348,000 YouTube subscribers his thoughts on Ethereum (ETH), suggesting that it could potentially reclaim $3,000 as a support level after bouncing back from a low of around $2,100.
“Overall, the smart money bought this thing up pretty damn hard. It’s hit all the targets now down to 150%, so that’s $2,100 to $2,200…
We are now looking for closes above $2,900. Another massive thing about this bar is that it had huge volume, and it closed back above all these previous tops at $2,700. That was the previous support area…
It’s got to get back above this swing low here at $2,950 and then ideally above that 50% level at around $3,100.”
Pizzino also mentioned that ETH in its Bitcoin pair (ETH/BTC) on the weekly chart could be forming a double-bottom pattern, which is typically seen as a bullish reversal signal.
“ETH/BTC pairing, it needs to get back above these swing bottoms…
Potential double bottom here with the December 2020 low, that’s back at around 2.2%, so we could be in for some sort of double bottoming here.”
ETH/BTC is currently trading at 0.02750 BTC ($2,663), down 2.83% in the last 24 hours.
Next, Pizzino mentioned that Ripple’s XRP might be forming a bullish higher-low pattern on the daily chart following a bounce from $1.80.
“Maybe you got a little more downside here into a higher low with more fear coming into the sentiment.”
XRP is currently trading at $2.51, down 7.3% in the last 24 hours.
Lastly, Pizzino mentioned that Solana (SOL), an Ethereum competitor, could potentially reclaim $235 as a support level after bouncing back from a recent low.
“We’re seeing another panic low [at $176.]. Typically from these panics, they are reversal points. So we could be in for a reversal here. And then you would just look to your next levels at the 50%, so $235 – so some close above $235, $250 ideally, that’s going to be a nice, stronger position for Solana moving forward.”
Solana is currently trading at $205, down 5.2% in the last 24 hours.
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