Cryptocurrency traders and enthusiasts are always on the lookout for the next big opportunity, and one pseudonymous analyst who has garnered a following of over 700,000 on the social media platform X is sharing his insights on potential rallies for Ethereum (ETH) and another altcoin in the near future.
The analyst, known as Pentoshi, has made a name for himself by accurately predicting the top of the 2021 Bitcoin bull market. He now believes that Ethereum is poised for a breakthrough as it looks set to surpass a resistance level that has held for over a year. In a recent post, Pentoshi shared his thoughts on the potential for Ethereum to rally, stating that it didn’t come this high to not take out the yearly highs at the very least. He also pointed out that if a Bitcoin ETF (exchange-traded fund) is approved, there’s a good chance that Ethereum will rally even harder as it’s the next in line. At the time of his analysis, Ethereum was valued at $2,038, and Pentoshi highlighted a long-term resistance level for Ethereum at $2,144, suggesting that a breakout could be imminent.
Pentoshi’s analysis doesn’t stop at Ethereum, as he also has another altcoin on his radar – Fetch.ai (FET). The AI-focused cryptocurrency could potentially see a significant rally if it manages to break through a resistance level at $0.49. According to Pentoshi, if FET reclaims $0.49, it could surge to $0.69, an opinion supported by his chart analysis. Currently, FET is trading at $0.413, and Pentoshi’s insights suggest the potential for a substantial price increase if it manages to surpass the specified resistance level.
Additionally, Pentoshi is keeping a close eye on TOTAL 3, which tracks the total market capitalization of cryptocurrencies excluding Bitcoin and Ethereum. According to him, the chart for TOTAL 3 looks bullish and indicates that there’s more room for upside movement before hitting a resistance level. This suggests that altcoins could see more rallies in the coming weeks, with Pentoshi stating that sharp pullbacks are gifts, indicating that there could be buying opportunities during potential price dips. At the time of his analysis, TOTAL 3 was trading at $406.356 billion.
It’s important to note that Pentoshi’s insights are derived from his technical analysis and chart patterns, and while they provide valuable information for traders, they are not guarantees of future price movement. The cryptocurrency market is known for its volatility and can be influenced by a wide range of factors, including market sentiment, regulatory developments, and macroeconomic trends.
As with any investment, it’s crucial for traders and investors to conduct their due diligence and consider their risk tolerance before making any decisions. The cryptocurrency market is inherently high-risk, and it’s important to be aware of the potential for significant price fluctuations.
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In the fast-paced world of cryptocurrencies, traders and investors need to be informed, cautious, and prepared for potential market volatility. By staying up to date with the latest insights and developments, they can make more informed decisions and potentially capitalize on opportunities in the cryptocurrency market.