Ethereum, one of the leading cryptocurrencies, is expected to experience a significant surge of over 35%, according to a top analyst. The analyst, known as Pentoshi, believes that Ethereum has completed a long consolidation phase and is now poised for a rally. Pentoshi, with a large following on social media, predicts that Ethereum will reach the $3,500 range, which he considers the upper level of its current trading range. He further suggests that this surge may occur sometime in the first quarter or early second quarter of the year.
As for Ethereum’s main competitor, Solana, Pentoshi advises caution and expects a consolidation period before any new movements. Pentoshi identifies the $70 level as a potential support level for Solana, indicating that it may take around 30 days for consolidation to occur.
Pentoshi also comments on the recent approval of spot Bitcoin exchange-traded funds (ETFs), stating that it is a significant win for the crypto markets. He believes that this development will attract new participants and bring more attention to the overall cryptocurrency space.
At present, Ethereum is trading at $2,511, while Solana is valued at $95.49. Meanwhile, Bitcoin is priced at $42,625.
The overall sentiment is optimistic for Ethereum, as it prepares for a potential surge, while Solana undergoes consolidation. The recent approval of BTC ETFs is seen as a positive sign for the entire cryptocurrency industry, bringing in new investors and creating long-term bullish prospects.