Inmortal, a prominent crypto analyst, has expressed a bullish sentiment towards Ethereum (ETH), emphasizing its potential for significant growth. Drawing a comparison to Bitcoin’s past performance, Inmortal suggests that Ethereum’s current price of $2,000 holds similar structural strength to Bitcoin when it was valued at $6,000 in 2019. Furthermore, the analyst highlights Ethereum’s consistent formation of higher lows since the summer of 2022, adding to the positive outlook.
Ethereum’s Bullish Structure
Inmortal’s analysis brings attention to the bullish structure of Ethereum. The current price of $2,000 is seen as a reflection of Bitcoin’s historical price volatility, indicating its potential for rapid expansion. The analyst notes that Ethereum has been forming macro-scale higher lows since mid-2022, further supporting the optimistic view.
As of now, Ethereum is trading at $1,831, experiencing a 2.75% decline in the past 24 hours. It is essential to consider that Ethereum’s price movement, like any other cryptocurrency, is subject to market fluctuations. However, Inmortal’s analysis focuses on the long-term potential of the asset rather than short-term volatility.
Bullish Outlook for the Crypto Market
In addition to Ethereum, Inmortal expresses optimism for the overall crypto market in the coming year. The analyst believes that prices across the market will experience significant appreciation over time. Taking a long-term perspective, Inmortal recommends investors focus on accumulating assets rather than closely monitoring short-term price fluctuations. According to the analysis, Bitcoin (BTC) has the potential to reach $35,000, even though its current price stands at $30,103.
Inmortal suggests that BTC’s price increase to $35,000 is only a matter of time. The analyst predicts a positive trajectory for Bitcoin, indicating potential growth in the near future despite its current price level.
Inmortal also provides insights on how to interpret crowd sentiment correctly. According to the analyst, bearish sentiment accompanied by high engagement reflects disbelief among market participants, whereas bullish sentiment with high engagement signals greed and the potential for late investors to face losses if the market experiences a downturn. It is crucial to consider these factors while analyzing market behavior.
Conclusion
Based on Inmortal’s analysis, Ethereum shows promising signs of exponential growth. The analyst believes that Ethereum’s current price is undervalued and has the potential to rise in the future, similar to Bitcoin. Inmortal’s long-term vision and optimism for the crypto market encourage investors to focus on asset accumulation rather than short-term price swings. Crypto enthusiasts and market participants closely follow Ethereum’s performance as they anticipate its upward trajectory.
