A well-known crypto analyst, recognized for accurate market predictions, suggests that Ethereum (ETH) is ready for a significant rise after completing a lengthy consolidation phase. The analyst, known by the pseudonym Pentoshi, shared on social media that he believes Ethereum is moving towards the upper level of its trading range, targeting $3,500.
Pentoshi also discussed Ethereum’s main competitor, Solana (SOL), noting that while SOL has shown good performance in the second half of 2023, it now requires a period of consolidation before making new moves. He indicated a potential support level for Solana at $70, even if it is not reached immediately.
At the time of writing, SOL was trading at $95.49. Pentoshi also touched upon Bitcoin, emphasizing the significance of the potential approval of spot Bitcoin exchange-traded funds (ETFs) for the crypto market. He concluded that the approval could lead to record-breaking volumes on the first day and attract a lot of new interest and participants to the market.
Finally, the analyst hinted that the approval of Bitcoin ETFs could be a positive signal for other cryptocurrencies waiting in line for their ETFs and serve as great publicity for the sector. Bitcoin was trading at $42,625 when the article was penned.