A closely watched crypto strategist and trader thinks Ethereum (ETH) is gearing up to unleash major breakout rallies.
Pseudonymous analyst Inmortal shares a chart with his 217,500 followers on social media platform
“Call me crazy, but I think ETH is a good SPOT trade here.
Slower than SOL, but safer.”
Inmortal zooms in on Ethereum and notes that ETH has already broken out of its horizontal resistance in the short time frame.
“ETH shows the way.
Classic consolidation below resistance + higher lows.”
At the time of writing, Ethereum is trading at $2,668.
As for Ethereum challenger Solana, Inmortal shares a chart suggesting that SOL reflects its price action in 2021, when it witnessed a long consolidation period before a massive breakout.
“SOL.”
In 2021, SOL consolidated below $60 for months before breaking out and rising to an all-time high of $259. At the time of writing, SOL is worth $166.
The analyst is also monitoring the price action of the meme token Floki (FLOKI). According to Inmortal, FLOKI is flashing multiple bullish higher-low setups, indicating the memecoin is preparing for a breakout.
‘It’s okay. We now have the mountain.
Consolidation under resistance + higher lows? This will end soon.
FLOKI go brrrr season.”
Based on the trader’s chart, he seems to predict that FLOKI will jump to $0.00021. At the time of writing, FLOKI is trading at $0.000151.
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Generated image: Midjourney