Analyst Predicts Blue-Chip Altcoin Set to Surge, Updates Ethereum Outlook
A well-known crypto analyst has shared insights on a top-10 altcoin that could soon reach new all-time highs (ATH). Kaleo, a trader with a large following on social media, has pointed out that BNB, the utility token for the BNB Chain ecosystem, is showing a price pattern similar to what occurred in 2021 before reaching new ATHs.
According to Kaleo, BNB is currently trading at $679, experiencing a 4% decrease in the past 24 hours. The analyst suggests that Ethereum (ETH) is poised to break out of a descending trendline against Bitcoin (ETH/BTC), which could lead to a surge in layer-1 Ethereum Virtual Machine (EVM) projects.
Based on his analysis, Kaleo anticipates ETH/BTC to surpass 0.10 BTC ($6,926), with the current trading price at 0.053 BTC ($3,689). He also notes that Ethereum is entering the early stages of the parabolic phase of the market cycle, expressing bullish sentiment towards the cryptocurrency.
At the time of writing, Ethereum is trading at $3,686, showing a 3% decrease in the last 24 hours. Investors are advised to stay informed and monitor price action closely for potential investment opportunities.
Remember to subscribe for email alerts to stay updated on the latest developments in the crypto market. Follow The Daily Hodl on various platforms for more insights and analysis.
Disclaimer: The opinions expressed in this article are not financial advice. Investors should conduct their own research before engaging in high-risk investments in cryptocurrencies. All trading activities carry inherent risks, and individuals are responsible for their decisions. The Daily Hodl does not endorse the buying or selling of any digital assets and is not a financial advisor. Affiliate marketing may be present on The Daily Hodl platform.