Ethereum Poised for a Significant Rally, Analyst Says
A well-known crypto analyst predicts that Ethereum (ETH) is primed for a substantial surge after completing a lengthy consolidation phase. The analyst, known as Pentoshi, believes that ETH will reach the $3,500 range, which he sees as the upper level of its current trading range. Pentoshi shared his thoughts on social media platform X, stating that he expects Ethereum to enter this higher range sometime in the first quarter or early second quarter of the year.
At present, ETH is trading at $2,511. However, Pentoshi is also keeping an eye on Ethereum’s biggest competitor, Solana (SOL), noting that it needs to undergo consolidation before making any significant moves. He identifies the $70 level as a potential support level for Solana.
SOL is currently trading at $95.49. In terms of Bitcoin, Pentoshi considers the recent approval of spot BTC exchange-traded funds (ETFs) as a major win for the crypto market. He believes this development will bring in new participants and generate more interest in the space.
Bitcoin is currently trading at $42,625. Overall, Pentoshi’s analysis suggests that Ethereum is on the brink of a significant rally, Solana requires consolidation, and the approval of BTC ETFs will have positive implications for the entire crypto market.
Hot Take: Ethereum Set to Surge as Analyst Predicts
A popular crypto analyst, Pentoshi, has predicted that Ethereum (ETH) is about to experience a major surge in value. After a period of consolidation, Pentoshi believes that ETH will reach the upper level of its trading range at around $3,500. This anticipated rally is expected to occur in the first quarter or early second quarter of the year. Additionally, Pentoshi highlights the need for Solana (SOL) to undergo consolidation before making any significant moves. The analyst identifies the $70 level as a potential support level for SOL. With the recent approval of spot BTC exchange-traded funds (ETFs), Pentoshi sees this as a positive development for the crypto market and expects it to attract new participants and generate more interest overall.
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