A popular crypto analyst thinks ‘it’s hard to be bearish’ on smart contract platform Ethereum (ETH) right now.
The pseudonymous crypto trader Inmortal tells his 194,900 Twitter followers that Ethereum priced at $2,000 is like Bitcoin (BTC) being priced at $6,000 in 2019.
He also notes that ETH has been hitting macro higher-lows since the summer of 2022.
‘It’s hard to be bearish on ETH.
Look at this structure.
> 2k is like 6k level on BTC back in 2019.
> Macro higher lows since 2022 summer.”
Ethereum is trading at $1,831 at time of writing. The second-ranked crypto asset by market cap is down around 2.75% in the past 24 hours.
Inmortal is also bullish about the overall crypto market over the next year.
“My strategy is simple. I think prices will be much higher than now in a year’s time. So I buy and don’t pay much attention to the price.”
The analyst says it’s “just a matter of time” before BTC jumps up to $35,000.
Bitcoin is trading at $30,103 at time of writing. The top-ranked crypto asset by market cap is down around 1.5% in the past 24 hours.
Inmortal also shares his opinion on how to read crowd sentiment correctly.
“Price up and bearish post with high engagement = disbelief, people want lower prices, they are still sidelined.
Price up and bullish post with high engagement = greed, late investors will be underwater if the market drops 10%.”