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Home»Analysis»Here’s How Ethereum Could Breakout and Rally Over 45%, According to Trader Who Caught 2023 Crypto Surge
Analysis

Here’s How Ethereum Could Breakout and Rally Over 45%, According to Trader Who Caught 2023 Crypto Surge

2023-06-19No Comments2 Mins Read
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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.”

Source: DonAlt/YouTube

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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bitcoin
Bitcoin (BTC) $ 115,367.91
ethereum
Ethereum (ETH) $ 3,636.06
xrp
XRP (XRP) $ 3.03
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 765.81
solana
Solana (SOL) $ 177.36
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.223784
staked-ether
Lido Staked Ether (STETH) $ 3,634.69
tron
TRON (TRX) $ 0.313882