A closely followed crypto strategist believes that Ethereum (ETH) is now in an uptrend after a lengthy period of accumulation.
Pseudonymous analyst Inmortal tells his 206,500 followers on the social media platform X that ETH has convincingly broken out of a trading range after retesting the lower $2,000 level several times in the past few months.
“Wake up honey, bear market accumulation is over.”
Ethereum is trading for $2,670 at time of writing, up more than 6% in the last 24 hours.
Next up, the trader thinks there is a price correlation between ETH-rivals Solana (SOL) and Avalanche (AVAX) and is expressing bullish sentiment on both tokens.
“If SOL pumps, AVAX will follow. Muscle memory.”
SOL is trading for $113.94 at time of writing, while AVAX is trading for $41.27.
The trader is also bullish on open-source gaming blockchain Beam (BEAM).
“My unspecified amount of BEAM is up.”
Looking at his chart, the trader suggests BEAM is in an uptrend after bouncing off the bottom of a trading range at around $0.0170.
BEAM is trading for $0.0294 at time of writing, up more than 14% in the last 24 hours.
Lastly, the trader is predicting Bitcoin (BTC) will go on a massive rally when retail traders sitting on the sidelines enter the crypto market.
“No new participants in crypto and we are at $48,000, chilling. Imagine when the masses come in like they did in 2021. We are going much higher, soon.”
Bitcoin is trading for $49,777 at time of writing, up more than 3% in the last 24 hours.
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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 loses 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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The post Crypto Trader Says Ethereum Accumulation Phase Now Over, Predicts Rally for ETH Rival appeared first on The Daily Hodl.
