Ethereum Flashes Bullish Signal as Burning Mechanism Makes it Deflationary

• Popular crypto analyst Pentoshi is providing his outlook on Ethereum (ETH) and Solana (SOL).
• Pentoshi believes that the price of Ethereum is likely to appreciate once the number of sellers dwindles.
• He also says that Solana is likely to edge lower between July and September.

Ethereum Flashing Bullish Signal

A popular crypto analyst is predicting a bullish signal for Ethereum (ETH). According to pseudonymous analyst Pentoshi, the proportion of ETH staked in DeFi projects is now higher than the amount available on centralized exchanges. This means that there will soon come a time when all those who wanted to sell have sold, resulting in an appreciation in Ethereum’s price.

Burning Mechanism Makes it Deflationary

Pentoshi also points out that another factor driving Ethereum’s price up will be its new burning mechanism which makes it deflationary. The top analyst believes that this could result in a true bull run after Bitcoin’s halving event takes place later this year.

Solana Will Go Lower

The crypto analyst has warned that Solana (SOL) may go lower during the third quarter of 2021. Although many people are writing off SOL, Pentoshi believes that it may be possible to buy it at a cheaper rate during this period.

Conclusion

In conclusion, popular crypto analyst Pentoshi sees a bullish trend for Ethereum and warns about future lower prices for Solana later this year. He believes that both of these factors combined with Bitcoin’s upcoming halving event could lead to a true bull run for Ethereum in the near future.