Cryptocurrency strategist and trader Inportal believes that Ethereum (ETH) is preparing for a major breakthrough rebound. The anonymous analyst shared a chart with his 217,500 followers on social media, indicating that Ethereum will experience one final decline before soaring 75% to reach its target of $4,100. “Call me crazy, but I think ETH is a good SPOT trade. Slower than SOL, but more secure.”
Inportal points out that Ethereum has already broken through horizontal resistance within a lower time frame. “ETH has shown the way. Classic consolidation below resistance + higher lows.”
At the time of writing, Ethereum’s trading price is $2,668. In reference to Ethereum challenger Solana, Inportal shared a chart illustrating SOL’s price trend in 2021, when it went through a prolonged consolidation period before experiencing a massive breakout. “SOL.”
In 2021, SOL consolidated below $60 for several months before breaking out and rebounding to its all-time high of $259. At the time of writing, SOL is valued at $166.
The analyst is also tracking the price trend of meme token Floki. Inportal reports that FLOKI is flashing multiple bullish high and low setups, indicating that the memecoin is preparing for a breakthrough. “All good. We have a mountain now. Consolidation below resistance + higher lows? That’s about to end. The season of blooming flowers.”
According to the trader’s chart, he seems to predict that FLOKI will surge to $0.00021. At the time of writing, FLOKI’s trading price is $0.000151.
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Image generated by: Midjourney