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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The post Ethereum Forming a High Probability Bullish Set Up, According to Crypto Analyst – But There’s a Catch appeared first on The Daily Hodl.
