Cryptocurrency market is consolidating after relief rally. The upcoming Ethereum Merge also played an important role in this rally. In this environment, a crypto analyst notes that the leading altcoin Ethereum (ETH) is showing significant strength. The analyst also predicts a rally for an Ethereum rival.
“I see nothing but strength in the leading altcoin project”
The host of InvestAnswers, a crypto YouTube channel, predicts that a major Ethereum (ETH) competitor will rally. Besides, the analyst says that ETH itself is showing significant strength. The analyst suggests that the latest rally of the leading altcoin Ethereum still has gas in its tank. In this context, the analyst makes the following statement:
Ethereum has been enjoying big, green candles for three weeks. It is now well above the 200-week moving average of $1,200. Also, Ethereum really knocked on the door of $1,600. In addition, it surpassed the 50-day moving average of about $1,250. So I don’t see anything but power here.
What do Ethereum stock market exits mean?
According to the analyst, there are other things that are pretty bullish for Ethereum. One of them is the Ethereum stock market exit. The analyst says that due to the transition to the Proof-of-Stake consensus, the exits are at their highest level in 13 months. In this context, the analyst makes the following assessment:
I think about 30,000 ETH escaped from the exchanges. The last time there was such a big breakout was in May or June 2021. So this is pretty big. The less crypto there is on exchanges, the more supply shortages there will be. This makes the price rise for the time being.
Altcoin that analyst predicts rally: Solana (SOL)
In addition, the analyst says that Ethereum’s rally has affected the altcoin market. He explains that he is in a bullish trend especially for Solana (SOL), one of the important competitors of ETH. The analyst makes the following comments in his evaluation:
The run for the past three weeks has been led by Ethereum. But now others are catching up. That’s why the best names come first. People are buzzing at them, buying, going up. Then they turn and look over their shoulder and say, ‘Wait, this hasn’t started yet. This pair is not where it should be.
Why is the SOL/ETH parity important?
The analyst is looking at the SOL/ETH pair here. He believes it will go back to 0.03 as it progresses. In this context, the analyst notes:
In fact, today SOL is up 10% while ETH is basically up 1-2%. So it already performs completely better. That’s why we look at pairs a lot.
cryptocoin.com As you follow, Solana closed July 1 at $32.80. However, it has seen a significant increase in the recent relief rally in the cryptocurrency market. Meanwhile, SOL, At press time, the altcoin was trading at $41.84, up 1.72% on a daily basis.
