A trader renowned for accurately predicting the peak of the 2021 Bitcoin (BTC) bull market is now foreseeing potential rallies for Ethereum (ETH) and another altcoin.
Pseudonymous analyst Pentoshi, communicating with his 711,700 followers on the social media platform X, asserts that Ethereum seems ready to overcome a resistance level that has persisted for over a year.
“It didn’t come this high to not take out the yearly highs at the very least. Might let some shorts build up first in that area tho to build liquidations. If BTC ETF (exchange-traded fund) is approved, good chance ETH rallies harder seeing as it’s next.”
Examining the trader’s chart, Ethereum’s long-term resistance level appears to be at $2,144, while its current value is $2,038.
Another altcoin capturing the trader’s attention is the artificial intelligence (AI)-focused Fetch.ai (FET). According to Pentoshi, FET is likely to surge once it surpasses the resistance at $0.49.
“If it reclaims $0.49, this going to $0.69 in my opinion.”
At the time of writing, FET is valued at $0.413.
Pentoshi is also closely monitoring TOTAL 3, which monitors the total market cap of cryptocurrencies excluding Bitcoin and Ethereum. According to the trader, TOTAL 3 appears bullish and still has room for upward movement before encountering a resistance level. This suggests the potential for additional altcoin rallies in the upcoming weeks.
“Still a ways to go next few weeks overall. Sharp pullbacks are gifts.”
At the time of writing, TOTAL 3 is trading at $406.356 billion.