Renowned cryptocurrency analyst Pentoshi, known for predicting the peak and subsequent decline of Bitcoin (BTC) during the bull market in 2021, has announced rallies for two altcoins. The analyst stated that the altcoin king Ethereum (ETH) and artificial intelligence-focused Fetch.ai (FET) are approaching a rally.
Ethereum Expects a Major Breakout in the Shadow of Spot ETF
Anonymous cryptocurrency analyst Pentoshi stated on social media platform X that Ethereum appears ready to surpass a resistance level that has persisted for over a year. In the assessment, the analyst stated:
There are a few thoughts about ETH at the moment. It did not rise this high just to not see the highest levels of the year. It may allow short stacking in that region to cause liquidation. If the Spot Bitcoin ETF is approved, there is a high probability that ETH will rise further as it will be its turn.
Looking at the analyst’s chart, the first obstacle in front of ETH is seen to be the long-term resistance level at $2,144. At the time of writing this article, Ethereum was trading at $2,038.
FET Forecasts a Rise of Up to $0.70
According to Pentoshi, who examines the native asset FET of artificial intelligence-focused Fetch.ai after Ethereum, the altcoin is likely to rise sharply when it surpasses the $0.49 resistance. The analyst stated that if FET surpasses $0.49, it could reach $0.69.
Pentoshi also closely monitors the TOTAL 3 chart, which tracks the total market value of cryptocurrencies other than Bitcoin and Ethereum. According to the analyst, the TOTAL 3 chart appears to be in an upward trend and still has enough room to move upward before reaching a critical resistance level. This indicates that altcoins may have more rallies in the coming weeks.
In his commentary on the TOTAL 3 chart, the analyst said, “In general, there is still a long way to go for the next few weeks. Sharp pullbacks seen during this process are gifts.”
