Ethereum
Analyst Predicts Parabolic Rally for Ethereum After Correction, Updates Outlook on Solana and FLOKI
A widely followed crypto strategist believes the current market correction is setting up Ethereum (ETH) for a parabolic surge at the end of the year.
Pseudonymous analyst Inmortal tells his 214,800 followers on social media platform X that Ethereum will likely consolidate between $4,000 and $2,800 in the coming months.
The trader shares a chart suggesting that Ethereum will experience a one-year parabolic rally starting in October that will eventually send ETH to a new all-time high at around $8,000.
“Capture this.
ETH.”
Source: Immortal/X
At the time of writing, Ethereum is worth $2,903, down more than 4% on the day.
Let’s look at Ethereum’s rival, Solana (GROUND), Inmortal believes that the large-cap altcoin is at risk of seeing much lower prices unless it can break above $160 to develop a bullish top structure.
“Bulls are defending the $120 level, taking no prisoners. I don’t want to see the bouncing ball structure develop. A higher top would be key.”
At the time of writing, SOL is trading at $130, down more than 8% on the day.
As for the Floki meme token (FLOKI), the trader believes the altcoin is displaying a bullish setup similar to its April 2024 price action when it briefly traded below support at $0.00016 before rebounding.
“FLOKI is about to print the famous deflection + retest structure.”
At the time of writing, FLOKI is worth $0.000135, down more than 10% in the past day.
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