A prominent crypto strategist predicts that Ethereum (ETH) will surge towards the end of the year due to the current market correction.
Anonymous analyst Inmortal told his 214,800 followers on social media platform X that Ethereum is likely to consolidate between $4,000 and $2,800 in the coming months.
The trader shared a chart suggesting that Ethereum will see a parabolic rally starting in October and continuing throughout the year, ultimately leading ETH to a new all-time high of $8,000.
“Capture this.
“It’s ETH.”
At the time of writing, Ethereum was valued at $2,903, down more than 4% on the day.
Looking at Ethereum competitor Solana (SOL), Inmortal believes the large altcoin is at risk of a significant downside unless it breaks above $160 and forms a bullish upper high.
“Bulls are defending the $120 level and taking no prisoners. I don’t want to see a bouncing ball structure developing. Higher highs are key.”
As of this writing, SOL is trading at $130, down more than 8% from the previous day.
In the case of the meme token FLOKI, the trader believes the altcoin is in a bullish phase similar to the one it briefly traded below support at $0.00016 in April 2024 before bouncing back.
“FLOKI is trying to print the famous deviation + retest structure.”
At the time of writing, FLOKI is valued at $0.000135, down more than 10% over the past day.
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