Ethereum Gearing Up for More Than 35% Surge, According to Top Analyst – Here’s the Timeline

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.”

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.”

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.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney