Chainlink (LINK) and Ethereum (ETH) Expected to Break Out, Analyst Says

If you’re looking for a promising altcoin to invest in, Chainlink should be on your radar, according to popular crypto strategist Bluntz. With a strong bullish continuation pattern forming against Bitcoin (BTC), Ethereum (ETH), and the US dollar (USD), Chainlink stands out in an otherwise stagnant crypto market.

At the time of writing, Chainlink is valued at $7.44, which is very close to breaching the trader’s diagonal resistance level on the LINK/USD pair.

Bluntz is also keeping a close eye on Ethereum. He notes that the current market structure of ETH mirrors the early 2019 pattern of Bitcoin, which experienced a significant rally after breaking out from an ascending triangle.

According to Bluntz, once Ethereum surpasses the $2,050 resistance level, it is likely to witness a parabolic surge. He predicts a 40% weekly candle without any retests, stating, “In my mind, this is a when-not-if situation. Our only job here is to survive the chop… This $2,050 god breakout candle on ETH will most likely be the candle that bottoms ETH/BTC.”

Currently, ETH is valued at $1,858.

If you’re considering investing in Chainlink or Ethereum, it’s crucial to conduct your own research and due diligence. As with any high-risk investment in the crypto market, there are potential risks and losses involved. The Daily Hodl does not provide investment advice and recommends that investors make informed decisions and take responsibility for their transfers and trades.

Analyst comment

Positive news. Analyst predicts breakout for both Chainlink and Ethereum. Chainlink has strong bullish pattern against BTC, ETH, and USD. Ethereum expected to surpass $2,050 resistance level and experience parabolic surge. Investors should conduct research and be aware of potential risks.