dailyhodl.com
An analyst known for correctly calling Bitcoin ($BTC) bottoms believes Ethereum ($ETH) is setting up for a massive explosion.
Psuedonymous analyst Bluntz tells his 222,100 Twitter followers that Ethereum appears to be mirroring Bitcoin’s market structure in early 2019, when $BTC broke out from an ascending triangle pattern.
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“When $ETH inevitably breaks out from $2,000, you’ll want to be positioned accordingly because unfortunately I doubt there will be retests.
It’ll most likely be a straight up GOD candle like $BTC in 2019.”
Looking at the analyst’s chart, he appears to be targeting the $3,000 level for $ETH.
According to the crypto trader, the Shanghai update on April 12th, which will allow holders of staked $ETH to withdraw their assets, may be a bullish event for the leading smart contract platform as it could force sidelined traders to chase the rally.
“The ole $ETH Shanghai upgrade is the perfect psyops to FUD people out of generational longs. It’s the perfect wall of worry scenario.”
At time of writing, Ethereum is trading for $1,914, up over 5% in the last 24 hours.
The crypto strategist also has his eye on AI-focused project Fetch.ai ($FET). Bluntz says that $FET appears to have taken out multiple diagonal resistances and now looks poised for a rally toward $0.55.
“Another I like is $FET. Literally so many crazy bullish charts out there. Feels like we’re almost at the stage where we can start punting longs blindfolded I think.”
At time of writing, $FET is trading for $0.37, up nearly 7% in the last 24 hours.
The last altcoin on the trader’s radar is blockchain indexing protocol The Graph ($GRT). According to the crypto analyst, $GRT has also broken above multiple diagonal resistances and is now likely heading to his target at $0.19.
“Besides $ETH, I think $GRT is probably one of my biggest bags. This chart is gagging for a monster move upwards, in my opinion, and I’m positioned for it.”
At time of writing, $GRT is worth $0.15, up over 10% in the past day.