Ethereum is preparing for a rise after consolidation
Closely followed crypto analyst Pentoshi says Ethereum (ETH) has successfully completed a long consolidation phase and is now on the rise.
Pentoshi told his followers on social media platform
“ETH has reached the mid-range of the new range we are in. Consolidation throughout the year has reached a moderate level. “We expect a higher range in the first quarter and the beginning of the second quarter.”
At the time of writing, ETH is trading at $2,511.
Pentoshi states that the $ 2,700 level must be crossed for Ethereum's rise to continue.
Solana needs consolidation
Pentoshi also follows Ethereum's biggest rival, Solana (SOL). The popular analyst says that SOL, which showed a dramatic performance in the second half of 2023, needs consolidation for a while before making new moves.
It identifies the $70 level as potential support for Solana.
“SOL, consider this will take time to play out. So far I've been following [the line] in a wavy way. While there may be support just below where it bounces, consider that there must be at least a 30-day consolidation somewhere. Even if we don't see that $70 area.”
SOL is trading at $95.49 at the time of this writing.
ETFs for Bitcoin are a positive development
Pentoshi says the recent approval of spot BTC exchange-traded funds (ETFs) is a big win for crypto markets.
“The first day volume record has already been broken in the BTC ETF. What does it mean?
So what does this mean for other digital currencies?
I will give a few tips:
Others line up for ETF
This is a great advertisement for the field. As a result, a lot of new eyes and participants will come
“You are not bullish enough in the long run.”
Bitcoin is trading at $42,625 at the time of writing.
