A popular market analyst known for his timely calls on cryptocurrencies is predicting that Ethereum (ETH) will suddenly return to its all-time high.
A trader going by the pseudonym Pentoshi is telling his 834,500 followers on social media platform X that Ethereum could rise more than 23% from its current value and begin to outperform Bitcoin (ETH/BTC).
“In my opinion, ETH will likely continue to outperform BTC in the short term. ETH/BTC is up about 20% from its lows as the US dollar rises. I can’t complain. But every time it decreases by 1%, many people develop post-traumatic stress disorder. Trends don’t happen overnight. They always start small. I see no reason to change bias until proven otherwise. So far the situation is slowly creeping up.”
He predicts that once ETH rises above the $4,000 support level on the daily chart, the top altcoin by market cap could soon rise to its all-time high of $4,800.
“I wonder what happens when ETH trades above equal highs? This is also a higher high (and clearly an uptrend). He spent very little time trading above this price, and the trading volume was small. So there should be little resistance and $4,800 overall should be a quick move in my opinion.”
At the time of writing, Ethereum is trading at $3,876, down 3.4% in the last 24 hours.
He also predicts that Bitcoin will soon reach $120,000.
“Soon higher. ETH up to 4800 US dollars. BTC is approaching $120,000.”
Bitcoin traded at $106,182 on the same day.
Generated image: Midjourney
