A trader who nailed the top of the 2021 Bitcoin (BTC) bull market believes rallies are in sight for Ethereum (ETH) and one additional altcoin.
Pseudonymous analyst Pentoshi tells his 711,700 followers on the social media platform X that Ethereum looks poised to take out a resistance level that has held for over a year.
“A few thoughts on ETH here.
It didn’t come this high to not take out the yearly highs at the very least.
Might let some shorts build up first in that area tho to build liquidations
If BTC ETF (exchange-traded fund) is approved, good chance ETH rallies harder seeing as it’s next.”
Looking at the trader’s chart, Ethereum’s long-term resistance level appears to be at $2,144. At time of writing, Ethereum is worth $2,038.
Another altcoin on the trader’s radar is the artificial intelligence (AI)-focused Fetch.ai (FET). According to Pentoshi, FET will likely skyrocket once it takes out resistance at $0.49.
“If it reclaims $0.49, this going to $0.69 in my opinion.”
At time of writing, FET is worth $0.413.
Pentoshi is also keeping a close watch on TOTAL 3, which tracks the total market cap of crypto excluding Bitcoin and Ethereum. According to the trader, TOTAL 3 looks bullish and still has more room to move to the upside before hitting a resistance level, suggesting that altcoins could see more rallies in the coming weeks.
“Still a ways to go next few weeks overall. Sharp pullbacks are gifts.”
At time of writing, TOTAL 3 is trading at $406.356 billion.
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