Crypto Trader Says Ethereum Accumulation Phase Now Over, Predicts Rally for ETH Rival
A closely followed crypto strategist believes that Ethereum (ETH) is now in an uptrend after a lengthy period of accumulation.
Pseudonymous analyst Inmortal tells his 206,500 followers on the social media platform X that ETH has convincingly broken out of a trading range after retesting the lower $2,000 level several times in the past few months.
“Wake up honey, bear market accumulation is over.”
Ethereum is trading for $2,670 at time of writing, up more than 6% in the last 24 hours.
Next up, the trader thinks there is a price correlation between ETH-rivals Solana (SOL) and Avalanche (AVAX) and is expressing bullish sentiment on both tokens.
“If SOL pumps, AVAX will follow. Muscle memory.”
SOL is trading for $113.94 at time of writing, while AVAX is trading for $41.27.
The trader is also bullish on open-source gaming blockchain Beam (BEAM).
“My unspecified amount of BEAM is up.”
Looking at his chart, the trader suggests BEAM is in an uptrend after bouncing off the bottom of a trading range at around $0.0170.
BEAM is trading for $0.0294 at time of writing, up more than 14% in the last 24 hours.
Lastly, the trader is predicting Bitcoin (BTC) will go on a massive rally when retail traders sitting on the sidelines enter the crypto market.
“No new participants in crypto and we are at $48,000, chilling. Imagine when the masses come in like they did in 2021. We are going much higher, soon.”
Bitcoin is trading for $49,777 at time of writing, up more than 3% in the last 24 hours.
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