A top analyst who accurately called the end of the 2022 crypto bull market thinks Ethereum (ETH) is poised to rally in both its Bitcoin (ETH/BTC) and US dollar pairs.
Pseudonymous analyst Pentoshi tells his 826,200 followers on the social media platform X that ETH/BTC looks good after respecting its support at 0.30 BTC.
[adinserter block="1"]According to the crypto strategist, ETH/BTC may bounce to as high as 0.4597 BTC.
“Very promising start.
Let’s see if we can get to the target.”
At time of writing, ETH/BTC is trading for 0.0373 BTC worth $3,563.
As for Ethereum against the dollar, Pentoshi thinks it is within the realm of possibility for ETH to surge above $4,000.
“No reason this doesn’t challenge this year’s highs, or higher in my opinion.
Which likely has confluence with the ETH/BTC target posted.”
He also thinks that the rally will be driven by investors allocating hundreds of millions of dollars in capital to ETH-based exchange-traded funds (ETFs).
“Starting to become more consistent for ETH.
We could see a few $250-$500 million days at some point too in the near future for this [BlackRock ETH] ETF. Had a $91 million day just in the last week.
Probability of that you have to assume is very high and not far stretched at all.”
Pentoshi is also keeping a close watch on the native asset of the graphics processing unit (GPU) rendering network Render (RENDER). The analyst says RENDER looks bullish after flipping a key resistance level at $8.10 as support.
“Was a very short wait, RENDER flipped it, retested, and confirmed on the four-hour [chart].
Structurally a great looking chart.”
At time of writing, RENDER is worth $8.61, up over 8% in the past day.
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