Crypto Analyst Predicts Rally For Ethereum Competitor As ETH Shows ‘Nothing But Strength’
A popular crypto analyst predicts that a major Ethereum rival will rise and says that ETH itself is showing significant strength.
In a new strategy session, the host of YouTube channel InvestAnswers tells his 443,000 subscribers that Ethereum’s recent rally still has gas in the tank
“ETH has had three weeks of big fat green candles and it’s well above the 200-week moving average, which is at $1,200 and Ethereum is knocking on the door to $1,600 soon. Also broke through the 50-day moving average around $1,250, so again, nothing but strength here.
Other things that are very bullish for Ethereum are the Ethereum exchange. It is at a 13-month high due to the evidence of bet consolidation. I think the exact number is about 30,000 ETH fled the system, fled exchanges.
The last time there was such a large outflow was sometime in May or June 2021, so this is big again. The less crypto on exchanges, the more the supply squeeze and the more the “price goes up” at the moment.”
The analyst says Ethereum’s rally is affecting the altcoin market and is particularly bullish for Solana (SOL), one of ETH’s main competitors.
“I always talk about how certain alters are running. There was an Ethereum-led run for the last three weeks, but now others are picking up, so what’s happening is the top names are getting the spotlight first. People are buzzing into them, they’re buying them, they go up and then they turn and look over their shoulder and say “wait a minute, this one hasn’t driven yet.” This couple is not where it should be.
So here you can see the SOL/ETH pair. I think it will shoot back to 0.03 as we go forward. In fact, SOL is up 10% today, while ETH is basically up one or two percent, so it’s already completely better than that, and that’s why we’re looking at pairs a lot.”
SOL closed at $32.80 on July 1. At the time of writing, the high-yielding blockchain is changing hands for $42.76.
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Featured image: Shutterstock/betibup33/Nikelser Kate
