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A popular crypto analyst predicts that one big Ethereum rival will come together, saying that ETH itself shows considerable strength.
In a new strategy session, the host of YouTube channel InvestAnswers told his 443,000 subscribers that Ethereum’s recent rally still has gas
ETH has been enjoying a big fat green candle for three weeks, well above its 200-week moving average at $1,200, and Ethereum will soon be banging on the door at $1,600. Having broken through the daily moving averages, there is nothing but strength here.
Another thing that is very bullish for Ethereum is the outflow of the Ethereum Exchange. 13-month high due to Proof of Stake merge. I believe the exact number was about 30,000 ETH escaped the system and escaped the exchanges.
The last time there was such a big leak was in May or June of 2021, so this is another big one. The fewer cryptocurrencies on the exchange, the tighter the supply, and the more price increases for the foreseeable future. “
Analysts say the rise of Ethereum is affecting the altcoin market and is particularly bullish for Solana (SOL), one of Ethereum’s main competitors.
I always talk about how certain alts move. The last three weeks have been an Ethereum-driven run, but now others are catching up, so the top names get the spotlight first. People buzz at them, buy, go up, turn around and look over their shoulders and say, “Wait a minute, this one hasn’t run yet.” This pair is not where it should be.”
Here you can see the SOL/ETH pair. As we move forward, I think we’ll go back to 0.03. In fact, SOL is up 10% today and ETH is basically up 1-2%, so it’s already outperformed completely and that’s why we look at the pair a lot. “
SOL closed at $32.80 on July 1st. At the time of writing, the High Performance Blockchain is trading at $42.76.
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Featured Image: Shutterstock/betibup33/Nikelser Kate
