Crypto currency markets’ well-known senior analyst, recognized for accurate predictions and analyses, has suggested that Ethereum (ETH), a leading smart contract platform, is ready for a significant rally after successfully completing a long consolidation phase.
Ethereum’s $3,500 Target
The crypto currency analyst known by the pseudonym Pentoshi shared on social media platform X that he believes Ethereum is moving towards the upper level of the range it has been trading in, which is around $3,500, stating the following:
We’ve gone to the middle range of the new range in ETH. Consolidation reached the mid-level throughout the year. We expect a higher range in the beginning of the second quarter from the first quarter.
Pentoshi also addressed ETH’s biggest competitor Solana (SOL). According to the popular analyst, SOL, which performed well in the second half of 2023, needs some time to consolidate before making new moves. The analyst also identified a potential support level for Solana at $70, saying:
Consider that SOL will take time to play out. So far, I’ve been following the line in a volatile manner. Even though there is support just below where it bounced, I think there needs to be at least a 30-day consolidation somewhere, even if we don’t see the $70 area.
Bitcoin ETF Process
SOL was trading at $95.49 when this article was written. Lastly, addressing Bitcoin, analyst Pentoshi suggested that the approval of spot BTC exchange-traded funds (ETFs) could be a major win for the crypto currency markets, concluding his remarks as follows:
BTC already broke the first-day volume record in ETF. What does this mean? And what does this mean for other crypto currencies? I’ll give a few hints: one, others are in line for an ETF; two, this is great publicity for the space. In conclusion, a lot of new eyes and participants will come. Three, you’re not rallying enough in the long term.
Bitcoin was trading at $42,625 when this article was written.
