A closely followed crypto currency analyst has suggested that the leading smart contract platform Ethereum’s (ETH) scaling solution’s price could more than double.
Buying Zone for METIS
Known by the pseudonym Pentoshi, the crypto currency analyst told his followers on the social media platform X that the Layer-2 aggregation platform Metis (METIS) could be preparing to rise more than 141% from its current value. The senior analyst stated in his remarks:
METIS: If given the chance, I think $48-56 is a good entry zone. No matter what, I’m coming from the lower region. The narrative for the first quarter is heating up with many good fundamentals on the horizon.
Considering the analyst’s chart, it is suggested that METIS could gain momentum towards the next major supply area near $175. At the time of writing, METIS has seen a 25.4% increase over the last 24 hours, trading at $72.41. Pentoshi also previously predicted that ETH could rise more than 50% from its current value in 2024 due to a catalyst. He suggested that if spot Bitcoin (BTC) investment funds (ETFs) are approved, the approval of spot Ethereum exchange-traded funds (ETFs) could also be imminent.
ETF Applications for ETH
Asset management firms such as BlackRock, Fidelity, and Hashdex have applied to the U.S. Securities and Exchange Commission (SEC) for spot-based Ethereum ETFs. Pentoshi believes that the focus could soon shift to the possibility of ETH ETFs, which could trigger an upward momentum, and with investors anticipating the event, ETH could rise above the $3,400 level.
In conclusion, the crypto currency analyst Pentoshi is making positive predictions about Ethereum’s scaling solution, the potential rise of Metis (METIS), and the expectations for Ethereum’s spot ETF approval, indicating that Ethereum could rise significantly from its current value. At the time of writing, Ethereum has seen a 3.2% decrease over the last 24 hours, trading at $2,206.
