A widely followed crypto analyst says that Ethereum (ETH) is experiencing intense demand and should see positive price action in the near future.
In a new strategy session, the pseudonymous crypto trader Pentoshi tells his 877,100 followers on the social media platform X that the top altcoin is experiencing unquenchable demand and should soon hit a new all-time high (ATH) price.
“ETH breaking out again. You love to see it. An insatiable black hole of demand.”
According to Pentoshi, though the second-largest digital asset is on its way to a new ATH, it could be a bumpy ride along the way.
“ETH probably new ATH in the very near future, not a matter of if, but when at this point with the strongest FA (fundamental analysis) and demand in years as tailwinds. The hardest part is the patience side of it as there will be fake-outs along the way, just like we’ve seen.”
The trader then notes that Ethereum’s supply on crypto exchange platforms is at the lowest it’s been since the token launched its initial coin offering (ICO), leading to a scenario where ETH could shoot straight up.
“Since [July 17th]. ETH has now hit a new nine-year low on exchanges. The last time it was this low was the ICO. Of course, supply can come in. But let’s not discount the fact that if this demand keeps up things can potentially get crazy irrational. Nothing we haven’t seen before.”
However, Pentoshi concludes by saying that traders need to be patient with ETH as he sees it consolidating for a while.
“We’ve had a lot of big moves lately especially for ETH. I could see us consolidating in a large range for awhile while we work through the ETH installing queue and general supply. Higher prices always unlock supply. That takes time to turnover.”
Ethereum is trading for $3,817 at time of writing, a 5.5% increase during the last 24 hours.
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