Crypto educator Josh Moden of the YouTube community CryptoBusy discussed in a video why Ethereum (ETH), VET (Vechain), and INJ (Injective Protocol) might offer life-changing gains. The analyst expects the leading cryptocurrency Bitcoin (BTC) to reach above $32,000 and the decentralized blockchain Ethereum stable above the $2000 level to spark a bullish momentum.
Moden, the co-founder, and owner of CBY Capital, a crypto advisory firm built on the brand of CryptoBusy, asserted that the blockchain-based operating system Tron’s native TRX token’s price surprisingly soared 6.3% today. The analyst began with the price analysis of Ethereum with the support resistance level set at around the $1785.60 level. A push above the $1848 level ensued with a retest at the $1788.74 price mark.
The analyst proclaimed that instant buy pressure wick followed, sending ETH above the $1908 price mark. A wick fall-off from the $1987.26 level came next with a retest at the $1975 level for an upward swift. He summed up the analysis stating that ETH could be on its way to the $2200 level soon.
The analyst would be interested in trading it if it passes the $2200 level, with a stop-loss around the $1719 or $1606 level for a better risk-to-order ratio. The crypto expert would set the first target at the $2160 or $2700 level for a better risk-reward ratio. At press time, ETH is trading at $1,867.68 on CoinMarketCap (CMC).
Further, the analyst discussed the energy-efficient blockchain platform Vechain’s VET token, trading at $0.01944 at press time, as per CMC. Though VET is having an appreciable range of $0.01757 to $0.02048, Josh isn’t bullish about it yet. The analyst reasoned that VET might start to test around $0.017 or $0.016 cents; a breakout at around the $0.02334 level is wished for with the requirement of breaking the $0.02146 mark for bullish momentum. Moden stated that to trigger a run back up, breaking the $0.034 is a must to reach the $0.05 or above level.
While talking about the INJ token of the Injective Protocol (INJ), the first blockchain to offer auto-executing smart contracts, the researcher affirmed his bullish outlook. Josh suggested that for INJ, dollar-cost averaging at certain price points is a better strategy.
Trading at $7.31 at press time on CoinGecko, INJ tested a validated support level at $5.914 with another level of support and resistance at $3.90. Josh added that using the Fibonacci tool from the low point to the high point shows that the 50% retracement level is around $5.555. Josh Moden concluded the analysis by mentioning that for INJ the $12 level might be a reality soon for a 54% return.
