Widely followed in the crypto community, the crypto analyst said that as ETH prepares to fly in the Bitcoin pair, Ethereum He says his opponent is also battling for all-time highs.
Analyst alias Pentoshi, Ethereum scaling solution to 375,000 Twitter followers Polygon (MATIC) He says his chart points to a massive price increase.
“This is a good [temel analiz] I’m not sure if it is, but it looks like it. The graphics are telling something.
I think all-time highs are coming soon. Higher lows and increasing momentum.
The BTC pair also looks great.”
According to his chart, Pentoshi thinks MATIC has just bounced off a critical accumulation range around $1.50, which puts the coin in a position to break past $2.20 and enter price discovery.
Originally built to complement Ethereum and providing a cheaper and faster way to trade Ethereum-based tokens, Polygon has since emerged as a competitor in its own right. According to a recent report from blockchain development platform Alchemy, most new projects at Polygon use only the Polygon network, rather than using both Polygon and Ethereum.
As for Ethereum, the crypto analyst believes the second-largest cryptocurrency currently has a much more bullish-looking market structure than Bitcoin. According to Pentoshi, ETH was recently rejected at the $4,600 level and is currently facing strong support levels between the $3,900 and $3,600 levels.
“This is the most important point in terms of market structure on the chart.”
Pentoshi goes on to say that he thinks Ethereum will surpass Bitcoin in the future. Analyzing Ethereum in Bitcoin (ETH/BTC) parity, the analyst believes that the pair, which spent 7 months creating a bull flag setup, is ready for a breakout.
“As mentioned earlier, ETH/BTC:
In every situation, [ETH] macro seems poised to outperform BTC in the long run.
The 7-month break must be confirmed within 4 days.
The uptrend still continues with the macro bullish structure.
Key in USD pair [tüm zamanların en yüksek seviyesini] is to protect.”
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