In a recent analysis, popular crypto analyst Kaleo predicts that Ethereum (ETH) and three other altcoins in its ecosystem are poised for significant price increases. Kaleo notes that Ethereum is on the verge of breaking its diagonal resistance at $1,900, which could trigger a rally towards $2,100.
The chart shared by Kaleo suggests that Ethereum is currently in a “diagonal season,” and once it surpasses the $1,900 level, the real excitement for ETH will begin. At the time of writing, Ethereum is trading at $1,854.
Kaleo also highlights Arbitrum (ARB), an Ethereum scaling solution, which has already broken a key diagonal resistance and could potentially surge to as high as $1.30. The analyst believes that ARB is primed for new highs after it breaks out and retests a high time frame resistance. At present, ARB is valued at $1.10.
The next altcoin on Kaleo’s radar is Optimism (OP), a layer-2 protocol and Arbitrum competitor. Similar to ARB, OP appears to be following the same pattern of breaking a multi-month diagonal resistance. Kaleo suggests that OP is forming a flag pattern and may push back towards the August highs near $2.00. Currently, OP is valued at $1.529, surpassing Kaleo’s diagonal resistance.
Lastly, Kaleo mentions Blur (BLUR), the native token of the non-fungible token (NFT) marketplace. BLUR has recently broken above its diagonal resistance and is showing signs of an uptrend. Kaleo believes that BLUR is poised to start climbing back to $0.50. At the time of writing, BLUR is trading at $0.30.
Kaleo’s analysis highlights the potential for growth in the Ethereum ecosystem, with Ethereum itself and three other altcoins showing positive price movements. While cryptocurrency investing comes with risks, Kaleo’s insights provide valuable information for traders and investors looking for potential opportunities.
It’s important to note that the opinions expressed by analysts, including Kaleo, are not investment advice. Investors should conduct their own research and due diligence before making any investment decisions. Cryptocurrency investments carry inherent risks, and it’s important to be aware of the potential for losses.
In conclusion, Kaleo’s analysis suggests that Ethereum and several altcoins in its ecosystem, including ARB, OP, and BLUR, are likely to experience significant price surges. However, it’s essential to exercise caution and conduct thorough research before making any investment decisions.
