Analyst Predicts Ethereum Will Shine as It Breaks Out of Long-Term Range
A well-known analyst, Bluntz, who accurately predicted the bottom of the 2018 Bitcoin bear market, believes that Ethereum is about to enter a bullish phase. Bluntz highlights that Ethereum recently closed above its accumulation range that lasted for over 530 days. This breakout is reminiscent of Chainlink’s price action when it experienced a significant rally after breaking out of its own accumulation range in October.
Ethereum Shows Strength Against Chainlink and Solana
Bluntz also notes that Ethereum is displaying signs of strength against other cryptocurrencies like Chainlink and Solana. Pairs that have been in strong uptrends, such as LINK and SOL, are now starting to look bearish against ETH. This suggests that it may be Ethereum’s turn to shine in the market.
Bullish Sentiment Among Analysts
Inmortal, another pseudonymous analyst, shares a similar bullish sentiment towards Ethereum. Inmortal highlights that Ethereum recorded its highest weekly close in over a year, marking a new macro higher high and a new yearly high. This positive momentum indicates a strong potential for further upside movement.
Ethereum Breaks Out and Trades Above Accumulation Range
Currently, ETH is trading at $2,236, well above Bluntz’s identified accumulation range. This breakout suggests that Ethereum may experience significant price appreciation in the near future.
Hot Take: Ethereum Poised for a Bright Future
Ethereum’s recent breakout from its long-term accumulation range indicates that the cryptocurrency is ready to take center stage. Analysts are optimistic about its potential for significant price appreciation and see it outperforming other cryptocurrencies like Chainlink and Solana. With strong bullish sentiment and positive market indicators, Ethereum is poised for a bright future in the crypto space.
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