A well-known crypto analyst who accurately predicted the peak of Bitcoin’s bull market in 2021 is now highlighting the potential for Ethereum to experience further upward movement. The analyst, known as Pentoshi, has a large following on the social media platform X and recently shared his insights with over 700,000 followers.
Pentoshi believes that Ethereum could see a significant surge of over 21% from its current value. According to his chart analysis, Ethereum has successfully broken through the lower boundary of a new trading range, which spans from $1,796 to $2,200. This breach opens the doors for Ethereum to potentially reach the $2,200 mark. To support his prediction, Pentoshi also points out that Ethereum against Bitcoin (ETH/BTC) has corrected to a key psychological level, suggesting a likely bounce in price.
As of now, ETH/BTC is trading at 0.0524 BTC, equivalent to approximately $1,810. This indicates that Ethereum is still strong against Bitcoin, despite its underperformance in recent times. Pentoshi’s analysis suggests that Ethereum’s entry into the demand zone on the ETH/BTC ratio further supports the possibility of a price increase.
In addition to his Ethereum analysis, Pentoshi also provides insights into Bitcoin’s future performance. He believes that as long as Bitcoin remains above the $31,500-$32,500 price range, it will continue its bullish trend. He maintains a bullish bias on Bitcoin unless there is a significant deviation from this key support level. Pentoshi predicts that Bitcoin could potentially rally past the $40,000 level in the coming weeks.
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Turning to the altcoin market, Pentoshi shares his outlook on Fetch.AI (FET), an artificial intelligence (AI) altcoin. He anticipates a period of consolidation for FET before a potential move towards the previous high range of $0.496. This projection is based on his analysis of the current resistance and support levels, as well as the recent strong price movement of FET.
At the time of writing, FET is valued at $0.36. Pentoshi’s analysis suggests that FET may experience a small pullback and sideways movement in the next few days before attempting to reach the top of the previous range.
Overall, Pentoshi’s analysis provides valuable insights into the potential price movements of Ethereum, Bitcoin, and the altcoin FET. His accurate predictions in the past, particularly regarding Bitcoin’s bull market, have earned him a large following. However, it is always important to remember that cryptocurrency markets are highly volatile and subject to various factors, making them inherently risky.
Investors should conduct their own due diligence and research before making any high-risk investments in cryptocurrencies or digital assets. It is crucial to understand the risks involved and take responsibility for any losses incurred. The Daily Hodl, where Pentoshi’s analysis was shared, emphasizes that the information provided is not investment advice and encourages readers to exercise caution.
In conclusion, based on Pentoshi’s analysis, Ethereum appears well-positioned for another leg up, while Bitcoin’s bullish trend is expected to continue within a specific price range. Meanwhile, FET may experience some consolidation before potentially reaching higher price levels. As always, it is vital to conduct personal research and seek professional advice before making any investment decisions.
