Ethereum (ETH) Enters Uptrend, Analyst Predicts Rally for Bitcoin (BTC)
A well-known crypto strategist, operating under the pseudonym Inmortal, has declared that Ethereum (ETH) has entered an uptrend after a prolonged period of accumulation. The analyst points out that ETH has successfully broken out of a trading range, after testing the lower $2,000 level multiple times over recent months, signaling the end of the bear market accumulation phase for Ethereum.
As of now, Ethereum is trading at $2,670, marking a 6% surge in the past 24 hours. In addition to his positive stance on ETH, the analyst expresses bullish sentiment towards its competitors Solana (SOL) and Avalanche (AVAX). SOL is currently priced at $113.94, while AVAX is trading at $41.27.
Another cryptocurrency that Inmortal finds promising is BEAM, an open-source gaming blockchain. According to the analyst’s analysis, BEAM is in an uptrend after rebounding from the bottom of its trading range, around $0.0170. BEAM’s current price stands at $0.0294, marking a gain of over 14% in the past day.
Inmortal also predicts a significant rally for Bitcoin (BTC), anticipating that the entry of retail traders who have been on the sidelines will drive prices higher. As of writing, Bitcoin is trading at $49,777, with a 3% increase in the last 24 hours.
With Ethereum showing signs of an uptrend, positive sentiment surrounding its competitors, and a predicted rally for Bitcoin, the cryptocurrency market is witnessing growing optimism among investors.
Analyst comment
Positive news. The market is expected to continue its upward trend as Ethereum enters an uptrend, with positive sentiment towards its competitors Solana and Avalanche. Additionally, a significant rally is predicted for Bitcoin as retail traders enter the market, leading to growing optimism among investors.
