A closely followed crypto strategist and trader thinks Ethereum (ETH) is gearing up to ignite big breakout rallies.
Pseudonymous analyst Inmortal shares a chart with his 217,500 followers on the social media platform X suggesting that Ethereum will see one final dip before sparking a 75% surge to his target of $4,100.
“Call me crazy, but I think ETH is a good SPOT trade here.
Slower than SOL, but safer.”
Source: Inmortal/X
Zooming in on Ethereum, Inmortal notes that ETH has already broken out of its horizontal resistance on the low time frame.
“ETH showing the way.
Classic consolidation below resistance + higher lows.”
Source: Inmortal/X
At time of writing, Ethereum is trading for $2,668.
Turning to Ethereum challenger Solana, Inmortal shares a chart suggesting that SOL is mirroring its 2021 price action when it witnessed a lengthy consolidation period before a massive eruption.
“SOL.”
Source: Inmortal/X
In 2021, SOL consolidated for months below $60 before breaking out and rallying to its all-time high of $259. At time of writing, SOL is worth $166.
The analyst is also tracking the price action of the meme token Floki (FLOKI). According to Inmortal, FLOKI is flashing multiple bullish higher-low setups indicating that the memecoin is preparing for a breakout.
“It’s all right. We have the mountain now.
Consolidation below resistance + higher lows? This will end soon.
FLOKI go brrrr season.”
Source: Inmortal/X
Based on the trader’s chart, he seems to predict that FLOKI will jump to $0.00021. At time of writing, FLOKI is trading at $0.000151.
Generated Image: Midjourney
