An analyst known for correctly calling Bitcoin (BTC) bottoms believes Ethereum (ETH) is setting up for a massive explosion.
Psuedonymous analyst Bluntz tells his 222,100 Twitter followers that Ethereum appears to be mirroring Bitcoin’s market structure in early 2019, when BTC broke out from an ascending triangle pattern.
[adinserter block="1"]“When ETH inevitably breaks out from $2,000, you’ll want to be positioned accordingly because unfortunately I doubt there will be retests.
It’ll most likely be a straight up GOD candle like BTC in 2019.”
Looking at the analyst’s chart, he appears to be targeting the $3,000 level for ETH.
According to the crypto trader, the Shanghai update on April 12th, which will allow holders of staked ETH to withdraw their assets, may be a bullish event for the leading smart contract platform as it could force sidelined traders to chase the rally.
“The ole ETH Shanghai upgrade is the perfect psyops to FUD people out of generational longs. It’s the perfect wall of worry scenario.”
At time of writing, Ethereum is trading for $1,914, up over 5% in the last 24 hours.
The crypto strategist also has his eye on AI-focused project Fetch.ai (FET). Bluntz says that FET appears to have taken out multiple diagonal resistances and now looks poised for a rally toward $0.55.
“Another I like is FET. Literally so many crazy bullish charts out there. Feels like we’re almost at the stage where we can start punting longs blindfolded I think.”
At time of writing, FET is trading for $0.37, up nearly 7% in the last 24 hours.
The last altcoin on the trader’s radar is blockchain indexing protocol The Graph (GRT). According to the crypto analyst, GRT has also broken above multiple diagonal resistances and is now likely heading to his target at $0.19.
“Besides ETH, I think GRT is probably one of my biggest bags. This chart is gagging for a monster move upwards, in my opinion, and I’m positioned for it.”
At time of writing, GRT is worth $0.15, up over 10% in the past day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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