A top analyst who correctly predicted the end of the cryptocurrency bull market in 2022 believes that Ethereum (ETH) is poised for a rebound from both Bitcoin (ETH/BTC) and the US dollar pair.
Pseudonymous analyst Pentoshi told his 826,200 followers on social media platform X that ETH/BTC is looking good after respecting support at 0.30 BTC.
According to cryptocurrency strategists, ETH/BTC could rise up to 0.4597 BTC.
“This is a very promising start.
Let’s see if we can reach the target.”
As of this writing, ETH/BTC is trading at 0.0373 BTC, equivalent to $3,563.
As for Ethereum against the dollar, Pentosh believes there is a chance for ETH to surge above $4,000.
“There is no reason why this should not be the best of the year or even higher in my opinion.
It will likely match the published ETH/BTC target.”
He also believes the uptick will be driven by investors allocating hundreds of millions of dollars of capital to ETH-based exchange-traded funds (ETFs).
“We are starting to become more consistent with ETH.
We could see a valuation of around $250 million to $500 million for this (BlackRock ETH) ETF at some point in the near future. Last week alone, it earned $91 million a day.
The odds you have to assume are very high and not far off at all.”
Pentoshi is also closely watching the underlying assets of graphics processing unit (GPU) rendering network RENDER. The analyst said RENDER is showing strength after overturning the key resistance level of $8.10 as support.
“After a very short wait, RENDER flipped, retested and confirmed it at 4 hours (on the chart).
Structurally, it’s a nice chart to look at.”
As of this writing, RENDER is valued at $8.61, up more than 8% in the past day.
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