A trader who has reached the top of the 2021 Bitcoin (BTC) bull market believes rallies are in sight for Ethereum (ETH) and one more altcoin.
Pseudonymous analyst Pentoshi tells his 711,700 followers on the social media platform
“A few thoughts on ETH here.
It didn’t reach that high to at least not hit annual highs.
Maybe let some shorts build up in that area first to build up liquidations
If BTC ETF (exchange-traded fund) is approved, there is a good chance that ETH will rise faster as this is next.”
Looking at the trader’s chart, Ethereum’s long-term resistance level appears to be at $2,144. At the time of writing, Ethereum is worth $2,038.
Another altcoin on the trader’s radar is the artificial intelligence (AI)-focused Fetch.ai (FET). According to Pentoshi, the FET is likely to skyrocket once the resistance at $0.49 is cleared.
“If it gets back $0.49, this will go to $0.69 in my opinion.”
At the time of writing, FET is worth $0.413.
Pentoshi also keeps a close eye on TOTAL 3, which tracks the total market capitalization of crypto, excluding Bitcoin and Ethereum. According to the trader, TOTAL 3 looks bullish and still has more room to move higher before reaching a resistance level, indicating that altcoins could see more rallies in the coming weeks.
“Overall, there is still some way to go in the coming weeks. A sharp decline is a gift.”
At the time of writing, TOTAL 3 is trading for $406.356 billion.
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Generated image: Midjourney
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