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Home»Analysis»‘Very Promising Start’: Top Analyst Says Ethereum Is Heading Up Against Bitcoin – Here Are His Targets
Analysis

‘Very Promising Start’: Top Analyst Says Ethereum Is Heading Up Against Bitcoin – Here Are His Targets

2024-11-29No Comments2 Mins Read
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A top analyst who has accurately called the end of the 2022 crypto bull market thinks Ethereum (ETH) is poised to rebound in both the Bitcoin (ETH/BTC) and US dollar pairs.

Pseudonymous analyst Pentoshi tells his 826,200 followers on social media platform

According to the crypto strategist, ETH/BTC can rise as high as 0.4597 BTC.

“Very promising start.

Let’s see if we can achieve the goal.”

Image
Source: Pentoshi/X

At the time of writing, ETH/BTC is trading at 0.0373 BTC worth $3,563.

As for Ethereum against the dollar, Pentoshi thinks it is within the realm of possibility for ETH to rise above $4,000.

“There’s no reason why this can’t challenge this year’s highs, or higher in my opinion.

Which probably coincides with the posted ETH/BTC target.”

Image
Source: Pentoshi/X

He also thinks the rally will happen driven by investors allocating hundreds of millions of dollars of capital to ETH-based exchange-traded funds (ETFs).

“It’s starting to become more consistent for ETH.

We could also expect to see a few $250-$500 million days for this in the near future [BlackRock ETH] ETF. Had a $91 million day this past week.

You have to assume the probability of that is very high and not stretched very far at all.”

Pentoshi is also keeping a close eye on the native asset of the graphics processing unit (GPU) rendering network Render (RENDER). The analyst says RENDER looks bullish after clearing a key resistance level to $8.10 as support.

“It was a very short wait, RENDER turned it around, tested again and confirmed after four hours [chart].

Structurally, a great looking graph.”

Image
Source: Pentoshi/X

At the time of writing, RENDER is worth $8.61, up over 8% in the past day.

See also  Ethereum Price has site - his bulls are preparing for the next step?

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