dailyhodl.com
A popular analyst known for his timely crypto calls says Ethereum ($ETH) may soon be heading for new all-time highs.
Pseudonymous trader Pentoshi tells his 799,900 followers on the social media platform X that the top altcoin by market cap may be gearing up for another leg up as demand increases for spot $ETH exchange-traded funds (ETFs).
“$ETH new yearly highs on deck. We did it. You won’t believe what hopefully comes next…
$ETH now at $4,000. Yearly highs next. Have discussed the early changes of the ETF and now the accelerating pace. No reason to think we don’t see all-time highs and maybe beyond. If this pace keeps going for flows, it won’t take long.”
The analyst also says that $ETH is starting to outperform Bitcoin ($BTC) and Solana ($SOL).
“Remember when $BTC was mooning but like zero of CT (crypto Twitter) had exposure. $ETH is very likely next. But most people wrote it off as dead.
Now it’s been outperforming both $BTC and $SOL quietly as they begin to bid.”
He notes that the demand for spot $ETH ETFs remains strong.
“Last few days of $ETH ETF flows:
- December 5th: $429 million.
- December 4th: $167.7 million.
- December 3rd: $132.6 million.
- December 2nd: $24.2 million.
- November 29th: $332.9 million.
I believe more than all the months before combined net. There was essentially nothing until post-election. Now the trend continues to grow at a fraction of the $BTC market cap. At some point, this is going to go pretty hard. It’s just a waiting game for now.”
Ethereum is trading for $4,015 at time of writing, up 5.1% in the last 24 hours. $ETH hit its all-time high of about $4,900 in 2021.
Generated Image: Midjourney