A closely followed crypto analyst says Ethereum (ETH) is setting up for a sizeable rally after successfully completing a long consolidation phase.
The pseudonymous crypto analyst known as Pentoshi tells his 742,000 followers on the social media platform X that he believes Ethereum is on its way to the $3,500 range, the upper level of a range he sees ETH trading in.
“ETH.
Went to the mid-range of the new range we are in.
Year-long consolidation into mid.
Expect the higher range sometime Q1 early Q2.”
Source: Pentoshi/X
At time of writing, ETH is trading for $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 in the latter part of 2023, needs to consolidate for some time before making any new moves.
He pinpoints the $70 level as potential support for Solana.
“SOL.
Think this is just going to take time to play out. So far following squiggly [line]. While there is support just below here where it bounced from, think there has to be at least 30 days of consolidation somewhere. Even if we don’t see that $70 area.”
Source: Pentoshi/X
SOL is trading for $95.49 at time of writing.
Looking at Bitcoin, Pentoshi says that the recent approval of the 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 it mean for other digital currencies?
Will give a few hints:
1. Others in line for ETF
2. This is a great advertisement for the space. A ton of new eyes and entrants will come as a result
3. You aren’t bullish enough long term.”
Bitcoin is trading at $42,625 at time of writing.
Generated Image: Midjourney
