A closely followed crypto strategist believes Ethereum (ETH) is in a position to launch a parabolic rally five years ago that reflects bullish price action.
Pseudonymous analyst Inmortal tells 232,300 followers of social media platform X that Ethereum’s market structure on the three-day chart is very similar to the early 2020 price action.
Five years ago, ETH was between $100 and $200, with Covid-induced panic igniting crashes at $86. A negative deviation then sparked a massive rally in which Ethereum was sent to an all-time high of $4,868.
Inmortal says,
“History sometimes rhymes.”
Source: Inmortal/X
Looking closer at ETH, Inmortal predicts that Ethereum will spark to $3,800 next month after continuing to integrate at its current level.
“Remember who you are, ETH.”
Source: Inmortal/X
At the time of writing, ETH is trading at $2,479.
Turning to Ethereum rival Solana, traders think Sol will take his breath in the coming weeks before launching a new record-high rally of $320 in July.
“$180 is a line above the sand, but it doesn’t take long to get through it.
Then it was $320. ”
Source: Inmortal/X
At the time of writing, Sol is trading for $165.
Inmortal also outlines potential paths for Bitcoin (BTC).
“$102,000 (to)$96,000 (to)$120,000”
Source: Inmortal/X
At the time of writing, Bitcoin is trading at $103,244.
Generated Image: Midjourney
