A renowned crypto analyst, known by the pseudonym Pentoshi, has predicted that Ethereum‘s scaling solution could more than double in price. The analyst, who has a significant following, shared his insights on a social media platform, suggesting that the Layer-2 aggregation platform Metis (METIS) is poised for a significant surge, potentially increasing by over 141% from its current value.
Pentoshi pointed out that if the opportunity arises, a buying region between $48 to $56 for METIS would be ideal. He bases his optimism on the strong fundamentals and the narrative building up for the first quarter. The analyst’s chart suggests that METIS could gain momentum towards the next major supply area near $175. At the time of writing, METIS had seen a 25.4% increase over the last 24 hours, trading at $72.41.
Previously, Pentoshi had forecasted that Ethereum (ETH) could rise by more than 50% from its current value in 2024 due to a catalyst. He also speculated that the approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) could be a precursor to the imminent approval of spot Ethereum ETFs.
Asset management firms such as BlackRock, Fidelity, and Hashdex have submitted applications to the U.S. Securities and Exchange Commission (SEC) for spot-based Ethereum ETFs. Pentoshi believes that the focus could soon shift to the possibility of ETH ETFs, potentially triggering a bullish momentum and leading investors to anticipate a rise in ETH’s price above the $3,400 level.
In conclusion, crypto analyst Pentoshi is optimistic about Ethereum’s scaling solution, the potential rise of Metis (METIS), and the expectations for the approval of Ethereum’s spot ETFs. These factors contribute to his positive outlook for Ethereum, which, at the time of writing, was trading at $2,206, reflecting a 3.2% decrease over the last 24 hours.