A popular analyst known for his timely crypto calls says Ethereum (ETH) may soon be heading for new all-time highs.
Pseudonymous trader Pentoshi tells his 799,900 followers on the social media platform X that the top altcoin by market cap may be gearing up for another leg up as demand increases for spot ETH exchange-traded funds (ETFs).
“ETH new yearly highs on deck. We did it. You won’t believe what hopefully comes next…
ETH now at $4,000. Yearly highs next. Have discussed the early changes of the ETF and now the accelerating pace. No reason to think we don’t see all-time highs and maybe beyond. If this pace keeps going for flows, it won’t take long.”
The analyst also says that ETH is starting to outperform Bitcoin (BTC) and Solana (SOL).
“Remember when BTC was mooning but like zero of CT (crypto Twitter) had exposure. ETH is very likely next. But most people wrote it off as dead.
Now it’s been outperforming both BTC and SOL quietly as they begin to bid.”
He notes that the demand for spot ETH ETFs remains strong.
“Last few days of ETH ETF flows:
- December 5th: $429 million.
- December 4th: $167.7 million.
- December 3rd: $132.6 million.
- December 2nd: $24.2 million.
- November 29th: $332.9 million.
I believe more than all the months before combined net. There was essentially nothing until post-election. Now the trend continues to grow at a fraction of the BTC market cap. At some point, this is going to go pretty hard. It’s just a waiting game for now.”
Ethereum is trading for $4,015 at time of writing, up 5.1% in the last 24 hours. ETH hit its all-time high of about $4,900 in 2021.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
Follow us on Google News to get the latest Updates
