Crypto Analyst Forecasts Ethereum (ETH) Surge by Drawing on Bitcoin’s Historical Success

According to a prominent crypto analyst, maintaining a bearish stance on Ethereum (ETH), the renowned smart contract platform, seems challenging in the current market climate. Inmortal, a pseudonymous crypto trader with a substantial following of 194,900 on Twitter, draws an intriguing comparison by stating that Ethereum priced at $2,000 today is akin to Bitcoin (BTC) being valued at $6,000 back in 2019. He further highlights a significant pattern of ETH recording macro higher-lows since the summer of 2022.

Inmortal asserts, “Considering the structure and recent trends, it’s hard to ignore the bullish potential of ETH. The $2,000 level holds similar significance to the $6,000 level of BTC in 2019, marking a critical turning point. Moreover, Ethereum has been consistently establishing higher lows on a macro scale since the summer of 2022.”

Presently, Ethereum is trading at $1,831, reflecting a slight decline of approximately 2.75% over the past 24 hours. As the second-largest cryptocurrency by market capitalization, it continues to garner attention. Inmortal’s optimism extends beyond Ethereum, as he expresses a bullish sentiment towards the overall crypto market in the coming year. Confident in his strategy, he emphasizes, “I believe prices will substantially rise within a year’s time, so I focus on accumulating assets without overly fixating on the short-term fluctuations.”

The analyst further predicts a noteworthy ascent for Bitcoin (BTC), suggesting that it is “only a matter of time” before it surpasses the $35,000 mark. At the time of writing, Bitcoin is trading at $30,103, experiencing a modest decline of around 1.5% in the past 24 hours.

Inmortal also provides valuable insights on interpreting crowd sentiment accurately within the crypto space. He notes, “When prices rise accompanied by bearish posts generating high engagement, it reflects disbelief among individuals who desire lower prices, indicating that they are still hesitant to participate. Conversely, when bullish posts gain substantial engagement during a price increase, it indicates greed and suggests that latecomers may find themselves at a loss if the market experiences a 10% downturn.”

In conclusion, the crypto analyst’s positive outlook on Ethereum, coupled with his optimistic perspective on the crypto market as a whole, signifies potential growth and encourages investors to closely monitor these developments.

Read Also: Analyst Benjamin Cowen Forecasts Ethereum's Collapse Against Bitcoin

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.