A closely followed crypto strategist believes that the current market correction is setting up Ethereum (ETH) for a parabolic surge at the end of the year.
Pseudonymous analyst Inmortal tells his 214,800 followers on the social media platform X that Ethereum will likely consolidate between $4,000 and $2,800 in the coming months.
The trader shares a chart suggesting that Ethereum will witness a year-long parabolic rally starting in October that will eventually send ETH to a new all-time high at around $8,000.
“Capture this.
ETH.”
At time of writing, Ethereum is worth $2,903, down over 4% on the day.
Looking at Ethereum rival Solana (SOL), Inmortal believes that the large-cap altcoin is at risk of seeing much lower prices unless it can rally past $160 to develop a bullish higher high structure.
“Bulls defending $120 level, taking no prisoners. I don’t want to see the bouncing ball structure develop. A higher high would be key.”
At time of writing, SOL is trading at $130, down over 8% on the day.
As for the meme token Floki (FLOKI), the trader thinks that the altcoin is flashing a bullish setup similar to its April 2024 price action when it briefly traded below support at $0.00016 before rallying.
“FLOKI about to print the famous deviation + retest structure.”
At time of writing, FLOKI is worth $0.000135, down over 10% in the past day.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
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 losses 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: DALLE3
The post Analyst Predicts Parabolic Rally for Ethereum After Correction, Updates Outlook on Solana and FLOKI appeared first on The Daily Hodl.