A crypto strategist who is closely monitoring the market believes that Ethereum (ETH) is poised for a significant surge by the end of the year, despite the current correction.
In a post on the social media platform X, the pseudonymous analyst Inmortal, who has a following of 214,800, predicts that Ethereum will likely consolidate between $4,000 and $2,800 in the coming months.
Backing up his claim, the trader shares a chart that suggests Ethereum will experience a parabolic rally starting in October, which will eventually push the price of ETH to a new all-time high of around $8,000.
“Take note. ETH.” (see chart below)
[Image: Chart showing Ethereum’s potential parabolic rally]
Source: Inmortal/X
As of the time of writing, Ethereum is currently valued at $2,903, experiencing a 4% decline for the day.
Inmortal also shares his thoughts on the rival cryptocurrency Solana (SOL), stating that unless it can surpass $160 and establish a bullish higher high structure, it is at risk of seeing much lower prices.
“Bulls are defending the $120 level fiercely, leaving no room for error. I do not want to see the formation of a bouncing ball structure. A higher high is crucial.” (see chart below)
[Image: Chart showing Solana’s price action]
Source: Inmortal/X
At present, SOL is trading at $130, marking an 8% decrease for the day.
Regarding the meme token Floki (FLOKI), Inmortal believes that it is displaying a bullish setup similar to its price action in April 2024 when it briefly traded below the support level at $0.00016 before experiencing a rally.
“FLOKI is on the verge of forming the well-known deviation + retest structure.” (see chart below)
[Image: Chart showing Floki’s potential price action]
Source: Inmortal/X
As of the time of writing, FLOKI is valued at $0.000135, reflecting a 10% decline in the past day.
To stay updated with the latest news, consider subscribing to receive email alerts directly to your inbox.
For price action updates, follow us on X, Facebook, and Telegram.
Disclaimer: The opinions expressed in this article are not investment advice and should not be taken as such. Investors are advised to conduct their own research and exercise caution when engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that all transfers and trades are done at your own risk, and any losses incurred are solely the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor do we provide investment advice. Kindly be aware that The Daily Hodl participates in affiliate marketing.
