A closely watched crypto analyst says Ethereum (ETH) is gearing up for a significant rally after successfully completing a long consolidation phase.
Pseudonymous crypto analyst Pentoshi tells his 742,000 followers on the social media platform
“ETH.
Went to the mid-range of the new range we are in.
A year-long consolidation to the halfway mark.
Expect the higher range sometime in the first and early second quarter.”
At the time of writing, ETH is trading at $2,511.
Pentoshi is also keeping an eye on ETH’s biggest rival, Solana (SOL). According to the popular analyst, SOL, which had a dramatic run at the end of 2023, needs to consolidate for some time before taking any new steps.
He points to the $70 level as potential support for Solana.
“SOL.
Guess this just takes time to play out. Followed tortuously so far [line]. While there is just below support where this came from, I think there should be at least 30 days of consolidation somewhere. Even if we don’t see that $70 area.”
SOL is trading at $95.49 at the time of writing.
Looking at Bitcoin, Pentoshi say that the recent adoption of spot BTC exchange-traded funds (ETFs) is a huge win for the crypto markets.
“Day one volume record already broken on the BTC ETF. What [does it] mean?
And what does this mean for other digital currencies?
Will give a few tips:
1. Others are lining up for ETF
2. This is a great advertisement for space. As a result, there will be a lot of new eyes and newcomers
3. You are not optimistic enough in the long term.”
Bitcoin is trading at $42,625 at the time of writing.
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Generated image: Midjourney