dailyhodl.com
A widely followed cryptocurrency analyst and trader believes that an Ethereum ($ETH) scaling solution is primed to break above its record high.
The analyst and trader pseudonymously known as Bluntz tells his 236,300 followers on the X social media platform that the layer-2 crypto project Optimism (OP) is currently undergoing consolidation just below the all-time high.
According to Bluntz, Optimism is “going to go for the all-time high breakout this weekend.” From Bluntz’s chart, it appears that OP could surge by more than 15% from the current level to over $4.5 after breaking out of the current range it is in.
OP is trading at $3.89 at time of writing.
Next up is the Ethereum/Bitcoin ($ETH/$BTC) pair. According to Bluntz, $ETH is flashing a bullish signal when paired against Bitcoin on the weekly chart thereby raising the possibility of the former outperforming the latter.
Bluntz says that the price of $ETH is trending lower against $BTC on the weekly chart while the relative strength indicator (RSI), a momentum indicator used to identify overbought or oversold market conditions, is on an upward trend.
“Some people are still max bidding $BTC with an $ETH/$BTC weekly candle like this into a fakeout of a major high time frame range low with the first weekly bull divergence in oversold territory in six years.
Simply not going to make it, I think altcoin season has truly arrived. Sh*t’s going to start getting real silly, in my opinion.”
The $ETH/$BTC pair is trading at 0.05991 $BTC ($2,552) at time of writing.
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