It has been just revealed the fact that Ethereum is expecting a rally, according to the latest predicitons. Check out the new reports below.
Ethereum expects a rally
According to a cryptocurrency analyst who accurately predicted the peak of Bitcoin’s 2021 bull market, Ethereum is in a good position to continue its upward trend after suddenly entering a new trading range.
The analyst, who goes by the pseudonym Pentoshi, shared with his 706,400 followers on the social media platform X that Ethereum’s value could potentially rise by over 21% from its current value.
“ETH: closing this weekly back inside the range opens up the doors to $2,200.”
The analyst has analyzed the chart and concluded that ETH has successfully broken through the lower limit of a new trading range that lies between $1,796 and $2,200.
Additionally, the analyst has pointed out that ETH/BTC has corrected itself to a crucial psychological level, which suggests a possible rebound.
“Despite it severely underperforming BTC, it’s now beginning to enter the demand zone on the ETH/BTC ratio.”
ETH/BTC is trading for 0.0524 BTC ($1,810) at time of writing.
The analyst also weighs in on Bitcoin, and he predicts that the top digital asset will remain in an uptrend as long as a key price range holds as support.
“BTC is bullish as long as [it remains] above the $31,500-$32,500 area. Thus, I’ll continue to have bullish bias unless a deviation occurs as an invalidation.”
The analyst also believes Bitcoin could explode over $40,000 level in the coming weeks.
“The most important levels to play [are] marked. Closing below purple equals likely deviation and invalidation. $40,000-$42,000 on the table in the weeks ahead.”
Bitcoin in the news
Speaking of Bitcoin, here’s the latest on the most important digital asset out there.
The rumor that BlackRock’s Bitcoin ETF will be soon accepted started to make more and more waves in the crypto space while everyone is waiting for the big tsunami – the BTC price explosion that an acceptance from the SEC will bring.
