A widely known cryptocurrency analyst believes that Ethereum (ETH) and one of its competitors are gearing up for a major recovery rally.
Anonymous cryptocurrency trader Kaleo told his 645,400 followers on social media platform X that Ethereum could soon surge into double digits after testing the $2,100 level and breaking out of a downtrend line.
“Late $2,100/early $2,200, then rebound.”
Looking at the charts, this trader predicts that ETH could hit $4,000 within a few months, which would represent an increase of over 64% from the current price.
At the time of writing, Ethereum is trading at $2,440, down about 3% over the last 24 hours.
The analyst then said Solana (SOL) could reach its yearly high again after capturing demand near the $120 level.
“We’re almost there.”
Looking further ahead, the trader suggests Solana could rally more than 186% from its current value, reaching $370 before the end of the year.
At the time of writing, Solana is priced at $129, down 2.6% over the last 24 hours.
Finally, the analyst also said he would be bullish on Avalanche (AVAX), another Ethereum competitor and layer 1 blockchain.
He predicts that AVAX could soar to $45 within a few months, which would represent an increase of over 108% from its current value.
“As expected, the decline has started… Still trying to fill the low $20s before full transfer.”
At the time of writing, AVAX is trading at $21.62, down 2.3% over the last 24 hours.
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Featured image: Shutterstock/vectorpouch/Vladimir Sazonov