A crypto trader has indicated that the accumulation phase for Ethereum is now concluded, forecasting a potential rally for its rival cryptocurrency.
Wake up honey, bear market accumulation is over.
At the time of writing, Ethereum is priced at $2,670, marking a more than 6% increase in the last 24 hours.
The trader anticipates a price correlation between Ethereum rivals Solana (SOL) and Avalanche (AVAX) and is expressing optimistic sentiments toward both tokens.
"If SOL experiences a surge, AVAX will likely follow. It's a form of muscle memory."
SOL is currently trading at $113.94, while AVAX is trading at $41.27.
Additionally, the trader holds a positive outlook on the open-source gaming blockchain Beam (BEAM).
"My unspecified amount of BEAM has seen an increase."
Analyzing his chart, the trader indicates that BEAM is following an upward trend after rebounding from the lower end of a trading range at approximately $0.0170.
As of the current writing, BEAM is valued at $0.0294, reflecting a gain of over 14% in the last 24 hours.
This regulatory approach aims to address potential risks and ensure compliance with existing financial laws, reflecting the evolving landscape of cryptocurrencies in global economies.
Furthermore, the trader forecasts a significant rally for Bitcoin (BTC) when retail traders, currently on the sidelines, enter the crypto market.
"With no new participants in crypto and the price at $48,000, we're just chilling. Imagine the surge when the masses join in, as they did in 2021. We're headed much higher, and it's happening soon."
Bitcoin is currently trading at $49,777, showing an increase of over 3% in the last 24 hours.
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