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- A top market analyst is convinced Ethereum will breach its All-Time high soon.
- The bullish projection also extended to Floki as the broader market sentiment shifted.
Popular pseudonymous crypto analyst Inmortal predicted that Ethereum (ETH) is set for a massive rally known as the “God candle.” At the same time, the analyst claims the Floki memecoin is on the verge of reclaiming a new All-Time High (ATH).
The Analyst’s Bold Ethereum Prediction
Inmortal tells his followers on social media X that Ethereum’s two-hour chart resembles Bitcoin’s (BTC) price movement over the previous two weeks. The analyst noted Ethereum’s struggle to overcome the key $4,000 resistance level. Similarly, BTC had challenges breaching the $100,000 mark for weeks before surging to new all-time highs.
“Same price action, but with one difference. God candle after the breakout. ETH,” the analyst wrote in the X post.
Same price action, but with one difference.
God candle after breakout.$ETH pic.twitter.com/y4krLG26Sh
— Inmortal (@inmortalcrypto) December 15, 2024
Essentially, a god candle is described as a massive candlestick pattern that indicates a drastic surge in an asset’s price. Even in a market performing well, these candles are typically surprising and show strong bullish momentum.
Inmortal said he expects ETH to surge close to its ATH of $4,800 due to the “God candle” on the Ethereum chart.
ETH traded for $3,705 at the time of writing, decreasing by 4.5% in the last 24 hours. This decline suggests Ethereum is experiencing consolidation as it prepares for a potential rally ahead.
Further reinforcing the bearish reversal is the surge in trading volume. The 24-hour volume has increased by 39.6% to $51.75 billion, increasing investor interest in the altcoin.
Earlier this week, some Binance analysts predicted that ETH could hit $20,000 by 2025, per a CNF report. The analysts’ bold prediction is based on Ethereum’s growing adoption, upgrades like sharding, and rising interest from institutional investors.
Although the $20,000 price target is uncertain, Ethereum possesses the ecosystem, resources, and momentum to make a compelling push. Whether it reaches that milestone depends on its capacity to adapt and keep its developmental commitments.
New All-Time High to Floki Inu: Analyst Predicts
Besides Ethereum, Inmortal predicted a bullish outlook for the memecoin Floki. The pseudonymous analyst believes FLOKI will soon reach a new all-time high.
According to Inmortal, FLOKI is likely trading in a symmetrical triangle pattern and preparing to break through the diagonal resistance to new record highs.
“Second leg up -loading. New ATH – loading. Price discovery – loading FLOKI,” the analyst wrote.
The analyst’s chart indicates that he believes FLOKI will soar to a new all-time high of $0.00038. Meanwhile, FLOKI is currently valued at $0.000189, showing a 12% decline in the last 24 hours.
The decline, however, mirrors pessimistic sentiments in the broader crypto market. Like ETH, the daily trading volume surged by 64% to $583 million.
