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A closely followed crypto strategist is suggesting that Ethereum (ETH) may be gearing up for a massive breakout.
Pseudonymous analyst Inmortal tells his 218,100 followers on the social media platform X that Ethereum looks bullish after holding the $2,400 level as support on the daily timeframe.
However, the analyst warns that it may take a while before ETH could potentially have an explosive rally and hit its March high of around $4,000.
“I know ETH is the hated coin but:
- Structure is solid, $2,400 invalidation. Making a lower low feels unlikely.
- Time cost is what concerns me the most. A lot of better options out there.
- But even if it takes time, it feels like a high probability setup to go big.”
ETH is trading for $2,525 at time of writing, down slightly in the last 24 hours.
Next up, the analyst is expressing bullish sentiment on ETH-based decentralized oracle network Chainlink (LINK).
“Believe in something.”
Looking at his three-day chart, the analyst suggests LINK could soar after a period of consolidation at the $12 resistance level to print new all-time highs around $56, a more than 386% gain from its current value.
LINK is trading for $11.51 at time of writing, down 1.5% in the last 24 hours.
Lastly, the analyst is turning bullish on Bitcoin (BTC). He suggests that Bitcoin is forming a similar pattern that gold formed, a repeated test of a resistance level before breaking through and printing new all-time highs.
“Gold showed us the way.”
Bitcoin is trading for $70,323 at time of writing, flat on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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