A closely followed crypto strategist believes Ethereum (ETH) is in a position to launch parabolic rallies, mirroring its bullish price action five years ago.
Pseudonymous analyst Inmortal tells his 232,300 followers on the social media platform X that Ethereum’s market structure on the three-day chart looks very similar to its early 2020 price action.
Five years ago, ETH traded between $100 and $200 before the Covid-induced panic ignited a crash to around $86. The downside deviation subsequently triggered a massive rally that sent Ethereum to its all-time high of $4,868.
Says Inmortal,
“History rhymes, sometimes.”
Looking closer at ETH, Inmortal predicts that Ethereum will continue to consolidate at current levels before sparking surges to $3,800 next month.
“Remember who you are, ETH.”
At time of writing, ETH is trading for $2,479.
Turning to Ethereum rival Solana, the trader thinks that SOL will take a breather in the coming weeks before launching a rally to a new record high of $320 in July.
“$180 is the line on the sand, but it won’t take long to get through it.
After that, $320.”
At time of writing, SOL is trading for $165.
Inmortal is also outlining Bitcoin’s (BTC) potential path to a new all-time high.
“$102,000 [to] $96,000 [to] $120,000”
At time of writing, Bitcoin is trading for $103,244.
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Generated Image: Midjourney
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