A Crypto Strategist Predicts Ethereum (ETH) to Follow Parabolic Rallies
A well-known crypto strategist is optimistic about the future of Ethereum (ETH) and believes that it is primed for parabolic rallies reminiscent of its bullish price action five years ago.
Comparing Market Structures
The pseudonymous analyst, Inmortal, shared insights with his 232,300 followers on X, highlighting Ethereum’s market structure on the three-day chart. He pointed out that the current market structure bears a striking resemblance to the early 2020 price action of ETH.
Five years ago, Ethereum was trading within the range of $100 to $200 before a Covid-induced panic crash brought it down to around $86. However, this downward deviation was followed by a significant rally that propelled Ethereum to its all-time high of $4,868.
Referencing a tweet from Inmortal, he stated, “History rhymes, sometimes.”
Price Predictions for Ethereum
Delving deeper into his analysis, Inmortal predicts that Ethereum will likely consolidate at current levels before embarking on a surge towards $3,800 in the upcoming month. He emphasized, “Remember who you are, ETH.”
As of the latest update, ETH is currently trading at $2,479.
Insights on Solana and Bitcoin
Shifting focus to Ethereum’s competitor, Solana, Inmortal anticipates a brief consolidation phase for SOL in the coming weeks before a potential rally to a new record high of $320 in July. He stated, “$180 is the line on the sand, but it won’t take long to get through it. After that, $320.”
At the time of writing, SOL is trading at $165.
Furthermore, Inmortal outlined Bitcoin’s potential trajectory towards a new all-time high. He mentioned, “$102,000 [to] $96,000 [to] $120,000”.
As of the latest update, Bitcoin is trading at $103,244.
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