A widely followed crypto strategist believes that one under-the-radar Ethereum (ETH) scaling solution is on track to more than double in price.
Pseudonymous crypto strategist Pentoshi tells his 727,200 followers on the social media platform X that layer-2 rollup platform Metis (METIS) could be setting up to soar more than 141% from its current value.
“METIS: if given, $48-$56 a good entry imo (in my opinion).
I’m in from lower fwiw (for what it’s worth). Narrative heating up for Q1 with a lot of good upcoming fundamentals.”
Looking at the trader’s chart, he suggests that METIS could ride upward momentum to the next major supply area near $175.
METIS is trading for $72.41 at time of writing, up 25.4% in the last 24 hours.
Pentoshi also previously predicted that ETH could soar by more than 50% from its current value in 2024 due to one catalyst.
He believes if spot market Bitcoin (BTC) traded funds (ETFs) are approved then the approval of spot Ethereum exchange-traded funds (ETFs) could soon follow. Asset management firms including BlackRock, Fidelity and Hashdex have filed applications for spot-based Ethereum ETFs with the U.S. Securities and Exchange Commission (SEC).
Pentoshi believes the focus could soon shift to the possibility of ETH ETFs and spark bullish momentum, sending ETH past the $3,400 level as investors anticipate the event.
Ethereum is trading for $2,206 at time of writing, down 3.2% in the last 24 hours.
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