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A closely followed crypto analyst says Ethereum (ETH) is setting up for a sizeable rally after successfully completing a long consolidation phase.

The pseudonymous crypto analyst known as Pentoshi tells his 742,000 followers on the social media platform X that he believes Ethereum is on its way to the $3,500 range, the upper level of a range he sees ETH trading in.

ETH.

Went to the mid-range of the new range we are in.

Year-long consolidation into mid.

Expect the higher range sometime Q1 early Q2.

At time of writing, ETH is trading for $2,511.

Pentoshi is also keeping an eye on ETHs biggest rival, Solana (SOL). According to the popular analyst, SOL, which had a dramatic run in the latter part of 2023, needs to consolidate for some time before making any new moves.

He pinpoints the $70 level as potential support for Solana.

SOL.

Think this is just going to take time to play out. So far following squiggly [line]. While there is support just below here where it bounced from, think there has to be at least 30 days of consolidation somewhere. Even if we dont see that $70 area.

SOL is trading for $95.49 at time of writing.

Looking at Bitcoin, Pentoshi says that the recent approval of the spot BTC exchange-traded funds (ETFs) is a huge win for the crypto markets.

Day one volume record already broken on the BTC ETF. What [does it] mean?

And what does it mean for other digital currencies?

Will give a few hints:1. Others in line for ETF 2. This is a great advertisement for the space. A ton of new eyes and entrants will come as a result 3. You arent bullish enough long term.

Bitcoin is trading at $42,625 at time of writing.

Generated Image: Midjourney

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Ethereum Gearing Up for More Than 35% Surge, According to Top Analyst Heres the Timeline - The Daily Hodl