Ethereum (ETH) is expected to make a strong comeback to its all-time high, according to popular market analyst Pentoshi. With a following of over 834,500 on X, Pentoshi predicts that Ethereum could surge by more than 23% from its current value and start outperforming Bitcoin (ETH/BTC).
In a recent tweet, Pentoshi shared his insights on the potential growth of Ethereum, stating, “ETH likely to continue to outperform BTC in the short term in my opinion.” He highlighted that ETH/BTC has already seen a 20% increase from its lows while appreciating in USD value. Pentoshi emphasized the importance of trends taking time to develop and expressed confidence in Ethereum’s upward trajectory.
Pentoshi further predicted that once Ethereum establishes $4,000 as a support level on the daily chart, the second-largest cryptocurrency by market cap could soar to its previous all-time high of around $4,800. He noted, “I wonder what happens when ETH trades above the equal highs? Which is also a higher high (and clearly in an uptrend). It’s spent very little time trading above that price, and not much volume done. So there should be little resistance and $4,800 should be overall a quick move in my opinion.”
At the time of writing, Ethereum is trading at $3,876, showing a 3.4% decrease in the past 24 hours. Pentoshi also made a bold prediction for Bitcoin, forecasting that the leading cryptocurrency could reach $120,000 in the near future.
As per Pentoshi’s tweet, “Higher soon. ETH to $4,800. BTC towards $120,000.” Bitcoin is currently trading at $106,182, maintaining a steady price movement.
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In conclusion, Pentoshi’s optimistic outlook on Ethereum and Bitcoin’s price movements has garnered attention within the crypto community. As the market continues to evolve, investors and traders will closely monitor these developments to capitalize on potential opportunities for profit.