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One Ethereum Rival Primed for All-Time Highs As ETH Sets Up for Massive Breakout Against Bitcoin: Top Crypto Analyst

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Widely followed crypto analyst Pentoshi says that an Ethereum rival is jostling for new all-time highs as ETH also looks ready to fly in its Bitcoin pair.

The pseudonymous analyst tells his 375,000 Twitter followers that the chart for Ethereum-scaling solution Polygon (MATIC) is hinting at a sizeable price spike.

“Not sure if this has any good [fundamental analysis] coming but looks that way. Charts look telling.

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In my opinion, new all-time highs coming soon. Higher lows and momentum building.

BTC pair also looks great.”

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Source: Pentoshi/Twitter

Based on Pentoshi’s chart, he thinks MATIC has just bounced from a critical accumulation range around $1.50, putting the coin in position to make its way past $2.20 and into price discovery.

Polygon, which was originally built to complement Ethereum and provide a cheaper and faster way to trade Ethereum-based tokens, has since emerged as a competitor in its own right. A recent report from the blockchain development platform Alchemy found most new projects on Polygon are exclusively using the network instead of utilizing both Polygon and Ethereum

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Looking at Ethereum, the crypto analyst says that ETH currently appears to have a far more bullish-looking market structure than Bitcoin. According to Pentoshi, ETH was just rejected from the $4,600 level and faces strong support levels at $3,900 and $3,600.

“Most important spot on the chart market structure-wise here.”

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Source: Pentoshi/Twitter

Pentoshi says he thinks that Ethereum will ultimately outrun Bitcoin in the future. Looking at Ethereum against Bitcoin (ETH/BTC), the analyst says the pair is coiling for a breakout after taking 7 months to form a bull flag setup.

“ETH/BTC as previously stated:

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No matter what, [ETH] seems set to outperform BTC moving forward on the macro.

7 months breakout should confirm in 4 days.

Still uptrend with macro bull structure.

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Key is to hold [all-time high] on USD pair.”

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Source: Pentoshi/Twitter

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