A widely followed crypto analyst believes that Ethereum (ETH) and one of its competitors are setting up for big recovery rallies.
Pseudonymous crypto trader Kaleo tells his 645,400 followers on the social media platform X that Ethereum could soon soar by double digits after testing the $2,100 level and then breaking out of a descending trendline.
“High $2,100s / low $2,200s then bounce.”
Looking at his chart, the trader suggests ETH could soar past $4,000 within months, a more than 64% gain from the current value.
Ethereum is trading for $2,440 at time of writing, down nearly 3% in the last 24 hours.
Next up, the analyst says that Solana (SOL) could revisit its yearly high after catching demand near the $120 range.
“Nearly there.”
Zooming out, the trader suggests Solana could increase by more than 186% of the current value, hitting $370 before the end of the year.
Solana is trading for $129 at time of writing, down 2.6% in the last 24 hours.
Lastly, the analyst says that he is also bullish on another Ethereum rival, layer-1 blockchain Avalanche (AVAX).
He predicts that AVAX could soar to $45 within months, a gain of more than 108% of the current value.
“Dip started as expected… Still looking to fill low $20s again prior to full send.”
AVAX is trading for $21.62 at time of writing, down 2.3% in the last 24 hours.
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Featured Image: Shutterstock/vectorpouch/Vladimir Sazonov