A crypto strategist who correctly called the marketwide rally for digital assets this year believes Ethereum (ETH) is gearing up for a burst to the upside.
In a new strategy session, DonAlt tells his 49,700 YouTube subscribers that Ethereum looks bullish on the weekly chart.
According to the analyst, Ethereum’s current setup appears to mirror its late 2020 market structure, when ETH was printing modest gains at around $300 before igniting a bull market.
“[Ethereum’s weekly chart] is just walking up very, very slowly. [$1,760] has been holding. It’s also held $1,680 like the top of the consolidation. It’s walking up. It’s walking up slowly. I actually kind of like that because when it goes sideways, if you just look to the left [of the weekly chart] on October and September of 2020, when it starts walking up to the right slowly, you usually get good trends out of it…
I think $1,500, if that breaks, we have big trouble for ETH, which makes trading this thing quite nice. $1,500 breaks, we have big problems. Until that happens, you just assume that ETH’s going to walk up slowly until it pops.”
According to DonAlt, Ethereum could pop to as high as $2,500.
At time of writing, ETH is trading for $1,774. A move toward the analyst’s target suggests an upside potential of 40.92% for ETH.
Looking at peer-to-peer payments network Litecoin (LTC), the crypto strategist says LTC looks bullish and could be setting up to take out a key psychological resistance at $100,
“You look at the weekly on Litecoin/USD that looks so, so good. That looks incredibly good… To me, this just looks really strong. You had a very deep retest. You had a massive bounce out of it, and I think that’s going to push higher above $100 eventually.”
At time of writing, Litecoin is worth $91.37.
As for XRP, DonAlt says he’s still bullish on the sixth-largest crypto by market cap, but he’s looking for a dip in the short term.
“Looks like I sold the pico top, looking for rebuys around $0.47.”
At time of writing, XRP is trading for $0.56.
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