A closely watched crypto strategist believes that the current market correction will cause Ethereum (ETH) to experience a parabolic rise by the end of the year.
Pseudonymous analyst Inmortal tells his 214,800 followers on social media platform X that Ethereum is likely to consolidate between $4,000 and $2,800 in the coming months.
The trader shares a chart suggesting that Ethereum will witness a year-long parabolic rally starting in October that will eventually send ETH to a new all-time high around $8,000.
‘Record this.
ETH.”
At the time of writing, Ethereum is worth $2,903, down more than 4% on the day itself.
Looking at Ethereum rival Solana (SOL), Inmortal believes the large-cap altcoin is at risk of seeing much lower prices unless it can rise past $160 to develop a bullish higher high structure.
“Bulls defending the $120 level and taking no prisoners. I don’t want the bouncing ball structure to develop. A higher high would be crucial.”
At the time of writing, SOL is trading at $130, down more than 8% on the day.
As for the meme token Floki (FLOKI), the trader thinks the altcoin is showing a bullish setup, similar to the price action of April 2024, when it briefly traded below the support at $0.00016 before recovering.
“FLOKI is about to print the famous deviation + retest structure.”
At the time of writing, FLOKI is worth $0.000135, down more than 10% in the past day.
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Generated image: DALLE3
