A prominent analyst, known for accurately predicting the end of the 2022 crypto bull market, has set his sights on Ethereum (ETH) and its potential for a significant rally against both Bitcoin (ETH/BTC) and the US dollar.
Pentoshi, a pseudonymous analyst with a substantial following on X, recently shared insights with his 826,200 followers regarding the bullish outlook for ETH/BTC. He noted that ETH/BTC has shown strength by holding above key support at 0.30 BTC and suggested that it could potentially rise to as high as 0.4597 BTC.
The current trading price for ETH/BTC stands at 0.0373 BTC, equivalent to $3,563 at the time of writing. Additionally, Pentoshi expressed optimism about Ethereum’s performance against the dollar, stating that ETH has the potential to surpass the $4,000 mark.
Pentoshi also highlighted the role of ETH-based exchange-traded funds (ETFs) in driving Ethereum’s rally, suggesting that significant capital inflows could propel the digital asset to new highs. He mentioned the possibility of seeing multimillion-dollar investments in the BlackRock ETH ETF, with the potential for substantial trading volumes in the near future.
In addition to Ethereum, Pentoshi also shared insights on RENDER, the native asset of the GPU rendering network Render. He pointed out that RENDER has shown bullish signs after successfully flipping a key resistance level at $8.10 to support. As of now, RENDER is trading at $8.61, marking an 8% increase in the past day.
Overall, Pentoshi’s analysis suggests a positive outlook for both Ethereum and RENDER, with potential for significant price movements in the near future. Investors and traders are advised to stay informed and monitor these developments closely as the market dynamics continue to evolve.
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