A widely followed crypto analyst believes Ethereum (ETH) and three other altcoins in its ecosystem are poised for spikes.
Pseudonymous analyst Kaleo tells his 601,300 followers on social media platform X that Ethereum is threatening to end its diagonal resistance at $1,900.
According to a chart shared by the analyst, Ethereum could rise to $2,100 after a breakout.
“Since it is a diagonal season, the fun for ETH should really start once $1,900 is released.”
At the time of writing, Ethereum is trading at $1,854.
The crypto strategist also keeps an eye on the Ethereum scaling solution Arbitrum (ARB). Kaleo says ARB has already turned key diagonal resistance into support and could reach as high as $1.30.
“ARB also appears poised for new highs after breaking/retesting high time resistance.
I would like to see a move back to the mid-August breakdown level (~$1.15), followed by the July highs in the $1.30s.”
At the time of writing, ARB is worth $1.10.
Next up is the layer 2 protocol and Arbitrum rival Optimism (OP). According to Kaleo, OP appears to be following in ARB’s footsteps after closing a multi-month diagonal resistance.
“Can’t mention ARB without looking at OP…
There’s a pretty clear flag forming underneath – it looks primed for a pushback towards the August highs around $2.00.”
At the time of writing, OP is worth $1,529, above Kaleo’s diagonal resistance.
The last Ethereum-based altcoin on the trader’s radar is the original holding of non-fungible token (NFT) marketplace Blur (BLUR). Kaleo shares a chart that suggests BLUR is in an uptrend after breaking above its diagonal resistance.
“BLUR looks like it is ready to start the climb back to $0.50.”
At the time of writing, BLUR is trading at $0.30.
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Featured image: Shutterstock/Digital Store/oneshot1