An analyst who successfully rode the crypto market rally this year is outlining a scenario where Ethereum (ETH) could ascend to a level last witnessed in Q2 of 2022.
In a new strategy session, pseudonymous analyst DonAlt tells his 51,300 YouTube subscribers that ETH bulls must take out resistance at $1,940 to fire up momentum for the leading smart contract platform.
According to DonAlt, a move above $1,940 will likely push Ethereum to $2,500, a level last seen in early May 2022 prior to a marketwide collapse triggered by the implosion of the Terra (LUNA) ecosystem.
“$1,940 – that area was resistance. We got rejected by it, but if we come back up there, if you get even close to that, there’s a really, really high chance that we go to $2,500.
That makes the trade quite easy because then you can just market buy basically if it goes up, which is quite nice and makes the whole thing a little bit more tradeable.
I’m not hating the down move because it just opens up better trading opportunities…
If we just have a really good candle from here, I think there’s a good chance that we’re just going to break to the upside.”
Although DonAlt is outlining a possible bullish scenario for ETH, the crypto strategist says that Ethereum will likely not see any meaningful rallies until it recovers $1,940 or until Bitcoin (BTC) bottoms out.
At time of writing, Ethereum is trading for $1,740, up over 4% in the last 24 hours.
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The post Here’s How Ethereum Could Breakout and Rally Over 45%, According to Trader Who Caught 2023 Crypto Surge appeared first on The Daily Hodl.
