dailyhodl.com
A trader who nailed the top of the 2021 Bitcoin ($BTC) bull market believes rallies are in sight for Ethereum ($ETH) and one additional altcoin.
Pseudonymous analyst Pentoshi tells his 711,700 followers on the social media platform X that Ethereum looks poised to take out a resistance level that has held for over a year.
It didn’t come this high to not take out the yearly highs at the very least.
Might let some shorts build up first in that area tho to build liquidations
If $BTC ETF (exchange-traded fund) is approved, good chance $ETH rallies harder seeing as it’s next.”
Looking at the trader’s chart, Ethereum’s long-term resistance level appears to be at $2,144. At time of writing, Ethereum is worth $2,038.
Another altcoin on the trader’s radar is the artificial intelligence (AI)-focused Fetch.ai ($FET). According to Pentoshi, $FET will likely skyrocket once it takes out resistance at $0.49.
“If it reclaims $0.49, this going to $0.69 in my opinion.”
At time of writing, $FET is worth $0.413.
Pentoshi is also keeping a close watch on TOTAL 3, which tracks the total market cap of crypto excluding Bitcoin and Ethereum. According to the trader, TOTAL 3 looks bullish and still has more room to move to the upside before hitting a resistance level, suggesting that altcoins could see more rallies in the coming weeks.
“Still a ways to go next few weeks overall. Sharp pullbacks are gifts.”
At time of writing, TOTAL 3 is trading at $406.356 billion.