A widely followed cryptocurrency analyst and trader believes that an Ethereum (ETH) scaling solution is primed to break above its record high.
The analyst and trader pseudonymously known as Bluntz tells his 236,300 followers on the X social media platform that the layer-2 crypto project Optimism (OP) is currently undergoing consolidation just below the all-time high.
According to Bluntz, Optimism is “going to go for the all-time high breakout this weekend.” From Bluntz’s chart, it appears that OP could surge by more than 15% from the current level to over $4.5 after breaking out of the current range it is in.
OP is trading at $3.89 at time of writing.
Next up is the Ethereum/Bitcoin (ETH/BTC) pair. According to Bluntz, ETH is flashing a bullish signal when paired against Bitcoin on the weekly chart thereby raising the possibility of the former outperforming the latter.
Bluntz says that the price of ETH is trending lower against BTC on the weekly chart while the relative strength indicator (RSI), a momentum indicator used to identify overbought or oversold market conditions, is on an upward trend.
“Some people are still max bidding BTC with an ETH/BTC weekly candle like this into a fakeout of a major high time frame range low with the first weekly bull divergence in oversold territory in six years.
Simply not going to make it, I think altcoin season has truly arrived. Sh*t’s going to start getting real silly, in my opinion.”
The ETH/BTC pair is trading at 0.05991 BTC ($2,552) at time of writing.
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