An anonymous trader who accurately predicted Bitcoin’s dramatic decline in 2022 now believes that Ethereum is poised to revisit its all-time highs. Going by the name of Capo, this analyst shared his positive outlook with his 847,900 followers on the social media platform X, stating that he is bullish on Ethereum as long as it maintains its immediate support level at $3,600.

“ETH is showing promising signs for a bullish continuation.”

According to Capo’s analysis, Ethereum is likely to surge to $4,100 before experiencing a minor correction and then aiming for its previous peak of around $4,900. As of the current moment, Ethereum is valued at $3,683, representing a slight decrease over the past day.

Examining the wider cryptocurrency market, Capo interprets the recent market correction on Friday as a deliberate sell-off intended to eliminate weak investors. He believes that if Bitcoin remains above $69,000 and Ethereum stays above $3,600, the market will witness renewed upward movements.

“We observed a significant sell-off leading to support levels. Although altcoins were hit harder, it appears to be a shakeout. If these support levels hold, we can expect a bullish trend to resume soon.”

At the time of writing, Bitcoin is priced at $69,429.

Capo remains optimistic about the potential for altcoins to experience significant gains in the coming month, despite the correction that occurred last Friday.

“I anticipate that June will be a highly favorable period for altcoins.”

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