A popular cryptocurrency analyst believes it’s “hard to be bearish” on smart contract platform Ethereum (ETH) right now.
Anonymous cryptocurrency trader Inmortal told his 194,900 Twitter followers that Ethereum at $2,000 is like Bitcoin ( BTC ) at $6,000 in 2019.
He also noted 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 equivalent to BTC's 6k level in 2019. > Higher macro lows since summer 2022."
Ethereum is trading at $1,831. The second-largest crypto asset by market cap is down about 2.75% over the past 24 hours.
Inmortal is also bullish on the overall cryptocurrency market next year.
"My strategy is simple. I think the price will be much higher in a year than it is now. So I don't pay much attention to the price when I buy."
The analyst said it’s “only a matter of time” before BTC moves to $35,000.
Bitcoin is trading at $30,103. The top crypto asset by market cap is down about 1.5% over the past 24 hours.
Inmortal also shared his thoughts on how to properly read the emotions of a crowd.
“Price increase and bearish posts with high engagement = incredible, people want lower prices but they are still on the sidelines.
Bullish posts with rising prices and high engagement = greed, late investors will be stuck if the market drops 10%.”