An analyst specializing in cryptocurrencies believes that Ethereum (ETH) is on the cusp of experiencing a significant breakout rally, commonly referred to as a god candle.
Using the pseudonym Inmortal, the analyst shares with his 221,100 followers on the social media platform X that Ethereum’s two-hour chart bears resemblance to Bitcoin’s (BTC) recent price movements over the past two weeks.
While Ethereum is facing challenges in surpassing the resistance at $4,000, the analyst points out that Bitcoin also struggled to break the $100,000 barrier before eventually surging to new all-time highs.
“Similar price action, with one key difference.
A god candle following the breakout.
ETH.”
According to the analyst’s chart, it appears that ETH is poised to surge close to its all-time high of $4,800 after the breakout. As of the current writing, ETH is valued at $3,892.
The analyst also has his sights set on the meme coin Floki (FLOKI). He suggests that FLOKI is following a symmetrical triangle pattern and is preparing to break through the diagonal resistance towards new record highs.
“Second leg up – loading.
New ATH – loading.
Price discovery – loading.
FLOKI.”
Based on the analyst’s analysis, it seems that FLOKI is expected to reach a new all-time high of $0.00038. Currently, FLOKI is priced at $0.000219.
When looking at Solana (SOL), the analyst anticipates the Ethereum competitor breaking above its diagonal resistance and rallying towards $300.
“Something like this.
SOL.”
At present, SOL is priced at $222.60.
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Generated Image: Midjourney