A closely followed crypto strategist and trader thinks Ethereum (ETH) is gearing up to ignite big breakout rallies.
Pseudonymous analyst Inmortal shares a chart with his 217,500 followers on the social media platform X suggesting that Ethereum will see one final dip before sparking a 75% surge to his target of $4,100.
“Call me crazy, but I think ETH is a good SPOT trade here.
Slower than SOL, but safer.”
Zooming in on Ethereum, Inmortal notes that ETH has already broken out of its horizontal resistance on the low time frame.
“ETH showing the way.
Classic consolidation below resistance + higher lows.”
At time of writing, Ethereum is trading for $2,668.
Turning to Ethereum challenger Solana, Inmortal shares a chart suggesting that SOL is mirroring its 2021 price action when it witnessed a lengthy consolidation period before a massive eruption.
“SOL.”
In 2021, SOL consolidated for months below $60 before breaking out and rallying to its all-time high of $259. At time of writing, SOL is worth $166.
The analyst is also tracking the price action of the meme token Floki (FLOKI). According to Inmortal, FLOKI is flashing multiple bullish higher-low setups indicating that the memecoin is preparing for a breakout.
“It’s all right. We have the mountain now.
Consolidation below resistance + higher lows? This will end soon.
FLOKI go brrrr season.”
Based on the trader’s chart, he seems to predict that FLOKI will jump to $0.00021. At time of writing, FLOKI is trading at $0.000151.
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Generated Image: Midjourney