A noted cryptocurrency strategist and trader believes that Ethereum (ETH) is gearing up for a massive breakout rally.
Pseudonymous analyst Immortal shared the chart with his 217,500 followers on social media platform suggests.
“You may call me crazy, but I think ETH is a good spot trade here.
Slower than SOL, but more secure. ”
Source: Immortal/X
Zooming in on Ethereum, Immortal notes that ETH has already broken out of its horizontal resistance on the lower time frame.
“ETH is showing the way.
Classic consolidation below resistance + rising lows. ”
Source: Immortal/X
At the time of this writing, Ethereum is trading at $2,668.
Turning to Ethereum challenger Solana, Immortal presents a chart that suggests that SOL is mirroring the price trend in 2021, when it witnessed a long period of consolidation before a major eruption. I’m sharing it.
“Sol.”
Source: Immortal/X
In 2021, SOL continued to move below $60 for several months before breaking out and rising to an all-time high of $259. As of this writing, SOL is worth $166.
Analysts are also tracking the price movement of meme token Floki (FLOKI). According to Inmortal, FLOKI has flashed multiple bullish highs and lows, indicating the meme coin is preparing for a breakout.
“It’s okay. There are mountains now.
Consolidation below resistance + rising lows? This is almost over.
FLOKI Let’s go, it’s season. ”
Source: Immortal/X
Based on the trader’s chart, it looks like he is predicting FLOKI to jump to $0.00021. At the time of this writing, FLOKI is trading at $0.000151.
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Generated image: Mid Journey
