A trader who skillfully rode the surge in the crypto markets earlier this year is outlining a scenario where Ethereum (ETH) could witness a significant burst to the upside.
In a recent strategy session, trader DonAlt tells his 52,200 YouTube subscribers that Ethereum continues to consolidate just under its key resistance level at $1,935.
According to the top trader, further consolidation at current prices could lead to an eventual breakout.
“ETH is actually consolidating in an area where it’s actually okay because this resistance really should produce a down move. So far, it’s done that a couple of times, but nothing really stuck…
Bitcoin should move soon. Otherwise, it’s going to be not nice. And then I look at ETH, if this stays (like) this for two, three, four more weeks that resistance should be cooked…
You get a close above ($1,935), I think it’s pretty likely that you’re going to go higher.”
DonAlt also says that a move above $1,935 could ignite a rapid rally that could send ETH to a level last seen in May 2022, before Ethereum broke down due to the collapse of the Terra (LUNA) ecosystem.
“To the upside, we close above $1,935, it seems pretty damn clear that we’re going to go to $2,500. There’s pretty much just empty air… Given that we’ve stuck around the $2,000 handle so much just seems sensible to go up quite quickly if we do get through it.”
At time of writing, Ethereum is trading for $1,882.
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The post Here’s How Ethereum (ETH) Could Ignite Nearly 35% Rally, According to Trader Who Rode 2023 Crypto Breakout appeared first on The Daily Hodl.