An analyst who successfully predicted the rally in the crypto market this year said: EthereumIt outlines a scenario where ETH (ETH) could rise to a level most recently witnessed in Q2 of 2022.
In a recent strategy session, analyst nicknamed DonAlt tells 51,300 YouTube subscribers that ETH bulls must surpass the $1,940 resistance to gain momentum for the leading smart contract platform.
According to DonAlt, a break above $1,940 would push Ethereum to $2,500, a level last seen in early May 2022 before the market-wide crash triggered by the eruption of the Terra (LUNA) ecosystem.
“$1,940 this area was resistance. We got rejected, but if we go back there, or even get close, we have a really good chance of hitting $2,500.
NEWS CONTINUES BELOWThis makes trading a lot easier because if it goes up you can basically buy the market which is pretty nice and makes everything a little more tradable.
I don’t hate the down move because it just creates better trading opportunities…
NEWS CONTINUES BELOWIf we light a really good candle from here, I think we have a good chance of breaking up.”
DonBottom altcoin While he outlines a possible bullish scenario for the cryptocurrency market, the crypto strategist says Ethereum will not see a meaningful rally until it reclaims $1,940 or Bitcoin (BTC) bottoms out.
At the time of this writing, ETH is trading at $1,740, up over 4% in the last 24 hours.