A popular crypto analyst says that it’s likely Ethereum’s (ETH) time to shine and that its biggest rival is in for a parabolic run.
Pseudonymous trader Inmortal tells his 213,900 followers on the social media platform X that Ethereum will rally and leave many traders on the sidelines.
The analyst lays out an initial target of about $4,000 with a chart suggesting that ETH found support at around the $2,800 level.
“ETH season about to start.
Fueled by disbelief, as all the other times.”
At time of writing, Ethereum is trading for $3,107.
The analyst also has his eye on Ethereum rival Solana (SOL). According to Inmortal, Solana has so far resembled Ethereum’s 2021 market cycle, and if SOL were to continue, it could be trading well above the $360 mark later this year.
“ETH 2021 vs SOL 2024”
SOL is trading at $177.54 at time of writing.
Looking at Bitcoin (BTC), Inmortal says that the crypto king is currently in a range between $74,000 and $56,000. If BTC manages to convincingly hold the $66,000 level, the trader says that another run-up to all-time highs is possible.
“BTC KEY levels.
Price rejected at first level of resistance (mid-range)
> IF price manages to reclaim mid-range, THEN range high ($74,000) is on the table.
> Below blue box = bad
Very simple.”
At time of writing, BTC is trading at $67,024, slightly above Inmortal’s mid-range.
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The post Crypto Analyst Predicts Ethereum Season, Says Solana Following in Footsteps of ETH’s 2021 Market Cycle appeared first on The Daily Hodl.