A closely followed crypto strategist believes that the current market correction is setting up Ethereum (ETH) for a parabolic surge at the end of the year.
Pseudonymous analyst Inmortal tells his 214,800 followers on the social media platform X that Ethereum will likely consolidate between $4,000 and $2,800 in the coming months.
The trader shares a chart suggesting that Ethereum will witness a year-long parabolic rally starting in October that will eventually send ETH to a new all-time high at around $8,000.
“Capture this.
ETH.”
At time of writing, Ethereum is worth $2,903, down over 4% on the day.
Looking at Ethereum rival Solana (SOL), Inmortal believes that the large-cap altcoin is at risk of seeing much lower prices unless it can rally past $160 to develop a bullish higher high structure.
“Bulls defending $120 level, taking no prisoners. I don’t want to see the bouncing ball structure develop. A higher high would be key.”
At time of writing, SOL is trading at $130, down over 8% on the day.
As for the meme token Floki (FLOKI), the trader thinks that the altcoin is flashing a bullish setup similar to its April 2024 price action when it briefly traded below support at $0.00016 before rallying.
“FLOKI about to print the famous deviation + retest structure.”
At time of writing, FLOKI is worth $0.000135, down over 10% in the past day.
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Generated Image: DALLE3
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