Analyst Envisions Ethereum’s Prosperous Rally Against Bitcoin (ETH/BTC) and US Dollar
In an insightful analysis of the cryptocurrency market, a respected analyst, known for accurately predicting the end of the 2022 crypto bull market, anticipates a significant upsurge for Ethereum (ETH) against both Bitcoin (ETH/BTC) and the US dollar. Under the pseudonym Pentoshi, this analyst has communicated optimistic projections to their 826,200 followers on the X social media platform, highlighting a favorable trajectory for ETH/BTC, which has recently found stability at 0.30 BTC.
Pentoshi is of the opinion that the ETH/BTC pairing has the potential to reach as high as 0.4597 BTC and has remarked, “A very promising beginning. Let’s strive for our target.” As per the most recent data, the ETH/BTC rate stands at 0.0373 BTC, equivalent to around $3,563.
Aside from the Bitcoin correlation, Pentoshi anticipates a potential increase for Ethereum against the dollar, suggesting that prices could surpass $4,000. They assert, “There’s no reason why this won’t challenge the highs of this year or even exceed them, in my perspective. This is likely to align with the previously mentioned ETH/BTC target.”
Key to Pentoshi’s positive outlook is the expected surge of investments into Ethereum-based exchange-traded funds (ETFs). They anticipate that substantial capital inflows could propel daily trading volumes to ranges spanning from $250 million to $500 million. “ETH’s consistency is growing. We might witness several days with volumes ranging from $250 million to $500 million very soon for this [BlackRock ETH] ETF. Just last week, we saw a $91 million day. The probability of such occurrences is quite high and not far-fetched at all,” Pentoshi explains.
Beyond Ethereum, Pentoshi is closely monitoring Render (RENDER), the native asset of the GPU rendering network, which is also demonstrating notable bullish momentum. They highlight that RENDER successfully turned a crucial resistance level at $8.10 into sturdy support. “The wait for RENDER was brief; it flipped the level, retested, and confirmed based on the four-hour [chart]. Structurally, it presents a chart of great promise,” they elaborate. At present, RENDER is valued at $8.61, indicating an over 8% increase in the last day.
To wrap up, Pentoshi’s forecasts paint a hopeful path for Ethereum in its Bitcoin and dollar pairs, propelled by the anticipated influx of investments in ETH-focused ETFs. Amidst the evolving market trends, these insights furnish valuable guidance for investors shaping their strategies in the cryptocurrency domain. Investors are urged to approach the dynamic market cautiously and to conduct thorough research prior to engaging in high-risk ventures.
Disclaimer: The viewpoints expressed in this article should not be regarded as investment counsel. Individuals are advised to conduct their own research before delving into cryptocurrency investments. The Daily Hodl holds no responsibility for any trading gains or losses incurred from cryptocurrency or digital asset investments.
