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Analysis

Trader Predicts Year-End Rally for Ethereum, Updates Outlook on Bitcoin and One Low-Cap Altcoin

A closely followed crypto strategist thinks that the leading smart contract protocol Ethereum (ETH) is positioning for a year-end surge.

Pseudonymous analyst Inmortal tells his 199,000 followers on the social media platform X that Ethereum will likely see significantly higher prices before 2023 expires.

In the coming weeks, however, the analyst says that ETH could correct to as low as $1,300 before starting its ascent.

“Expecting something like this on ETH. My strategy is the same, no matter if $1,500 or $1,300, I keep accumulating. Simple plan, simple life.” 

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Source: Inmortal/X

Looking at the trader’s chart, he appears to predict that Ethereum could climb to as high as $2,000 by the end of the year. The chart also shows Ethereum surging above $2,500 in the first quarter of 2024.

At time of writing, Ethereum is worth $1,590.

Looking at Bitcoin (BTC), Inmortal predicts that the crypto king will revisit support at $25,800 before rallying back to its resistance at $27,300.

“$25,800 is the only level I would long.” 

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Source: Inmortal/X

At time of writing, BTC is trading for $26,286.

The trader is also keeping a close watch on Radix (XRD), a decentralized finance (DeFi) programming environment. According to Inmortal, RDX looks poised for another leg up toward the $0.086 level as the project gears up for the mainnet launch of its Babylon upgrade.

According to the project’s website, the Babylon update will enable “powerful” smart contract functionalities for Radix and “kickstart a live DeFi ecosystem.”

Says Inmortal,

“Textbook retest, +30% since then. Mainnet launch in 3 days. Babylon.” 

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Source: Inmortal/X

At time of writing, RDX is worth $0.061.

See also  Bitcoin: As key metric acts up, what should you expect? 

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