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A top crypto analyst and trader says Ethereum is setting up for a wild rally as he unveils his new price target for blockchain-based game Axie Infinity.
The pseudonymous analyst known as Pentoshi tells his 333,400 Twitter followers that he expects Ethereum (ETH) to go on a massive surge as it threatens to print a new higher high.
“ETH. On [the] verge of price discovery. [The] Next leg up should be one of the wildest yet. Looks great vs BTC as well.”
According to Pentoshi, Ethereum has no resistance in sight and could abruptly climb over 15% from its current price of $4,339.
“Have a feeling a lot of people are underexposed to ETH, myself included, but vacation has me being more conservative. But there is only clear skies ahead. Could see $5,000 rapidly if this breaks out.”
The crypto analyst is also looking at play-to-earn game Axie Infinity (AXS), which he notes has taken out its immediate resistance at $145.
“AXS looks ready to head for $200+ here. Price discovery awaits. Incredibly bullish market structure.”
Pentoshi is also tracking the performance of Cosmos, a protocol that aims to be the “internet of blockchains.” According to the crypto strategist, Cosmos could be poised to print a bullish higher low (HL) setup against Bitcoin.
“ATOM. Added a little here. Will continue to add. Bottom in, in my opinion, and this is an HL forming.”