A top analyst who has accurately called the end of the 2022 crypto bull market thinks Ethereum (ETH) is poised to rebound in both the Bitcoin (ETH/BTC) and US dollar pairs.
Pseudonymous analyst Pentoshi tells his 826,200 followers on social media platform
According to the crypto strategist, ETH/BTC can rise as high as 0.4597 BTC.
“Very promising start.
Let’s see if we can achieve the goal.”
At the time of writing, ETH/BTC is trading at 0.0373 BTC worth $3,563.
As for Ethereum against the dollar, Pentoshi thinks it is within the realm of possibility for ETH to rise above $4,000.
“There’s no reason why this can’t challenge this year’s highs, or higher in my opinion.
Which probably coincides with the posted ETH/BTC target.”
He also thinks the rally will happen driven by investors allocating hundreds of millions of dollars of capital to ETH-based exchange-traded funds (ETFs).
“It’s starting to become more consistent for ETH.
We could also expect to see a few $250-$500 million days for this in the near future [BlackRock ETH] ETF. Had a $91 million day this past week.
You have to assume the probability of that is very high and not stretched very far at all.”
Pentoshi is also keeping a close eye on the native asset of the graphics processing unit (GPU) rendering network Render (RENDER). The analyst says RENDER looks bullish after clearing a key resistance level to $8.10 as support.
“It was a very short wait, RENDER turned it around, tested again and confirmed after four hours [chart].
Structurally, a great looking graph.”
At the time of writing, RENDER is worth $8.61, up over 8% in the past day.
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