- Pseudonymous trader Pentoshi predicts that Ethereum is set to break a year-long resistance level, potentially rallying if a BTC ETF is approved.
- The trader also forecasts a significant rise for AI-focused altcoin Fetch.ai, eyeing a target of $0.69 upon breaking its current resistance.
A well-known trader, who accurately predicted the peak of the 2021 Bitcoin bull run, has turned his attention to Ethereum (ETH) and the artificial intelligence-focused altcoin Fetch.ai (FET), forecasting potential rallies for both.
Ethereum: On the Brink of a Breakthrough
Pentoshi, a pseudonymous analyst with a substantial following on social media, has conveyed an optimistic outlook for Ethereum. According to his analysis, Ethereum appears ready to breach a resistance level that has been in place for over a year. In a message to his followers, Pentoshi stated,
“It didn’t come this high to not take out the yearly highs at the very least.”
He further speculated that Ethereum might allow some short positions to build up in that area, potentially leading to liquidations. This expectation is particularly pronounced in the context of a potential approval of a Bitcoin ETF, which could catalyze a more vigorous rally for Ethereum.
At the time of writing, Ethereum’s resistance level is identified at $2,144, with its current price hovering around $2,038.
Fetch.ai: A Rising Star in AI Cryptocurrency
Turning to Fetch.ai, an altcoin with a focus on artificial intelligence, Pentoshi foresees a significant increase in its value once it overcomes its resistance at $0.49. He confidently suggests that “If it reclaims $0.49, this going to $0.69 in my opinion.” Currently, Fetch.ai is valued at $0.413, indicating substantial potential for growth if it breaks the noted resistance point.
Broader Altcoin Market: Room for Growth
Beyond these specific predictions, Pentoshi is closely monitoring TOTAL 3, a metric that tracks the total market capitalization of cryptocurrencies, excluding Bitcoin and Ethereum. His analysis reveals a bullish outlook for TOTAL 3, suggesting that there is still room for upward movement before encountering resistance. This indicates that the broader altcoin market could witness more rallies in the forthcoming weeks. At present, TOTAL 3 is trading at around $406.356 billion.
Pentoshi’s forecasts offer a glimpse into the potential future movements of Ethereum, Fetch.ai, and the wider altcoin market. His analysis, grounded in technical indicators, provides valuable insights for investors and enthusiasts watching the dynamic and ever-evolving cryptocurrency landscape.