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A top analyst who accurately called the end of the 2022 crypto bull market thinks Ethereum (ETH) is poised to rally in both its Bitcoin (ETH/BTC) and US dollar pairs.
Pseudonymous analyst Pentoshi tells his 826,200 followers on the social media platform X that ETH/BTC looks good after respecting its support at 0.30 BTC.
According to the crypto strategist, ETH/BTC may bounce to as high as 0.4597 BTC.
“Very promising start.
Let’s see if we can get to the target.”
At time of writing, ETH/BTC is trading for 0.0373 BTC worth $3,563.
As for Ethereum against the dollar, Pentoshi thinks it is within the realm of possibility for ETH to surge above $4,000.
“No reason this doesn’t challenge this year’s highs, or higher in my opinion.
Which likely has confluence with the ETH/BTC target posted.”
He also thinks that the rally will be driven by investors allocating hundreds of millions of dollars in capital to ETH-based exchange-traded funds (ETFs).
“Starting to become more consistent for ETH.
We could see a few $250-$500 million days at some point too in the near future for this [BlackRock ETH] ETF. Had a $91 million day just in the last week.
Probability of that you have to assume is very high and not far stretched at all.”
Pentoshi is also keeping a close watch on the native asset of the graphics processing unit (GPU) rendering network Render (RENDER). The analyst says RENDER looks bullish after flipping a key resistance level at $8.10 as support.
“Was a very short wait, RENDER flipped it, retested, and confirmed on the four-hour [chart].
Structurally a great looking chart.”
At time of writing, RENDER is worth $8.61, up over 8% in the past 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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