A top cryptocurrency analyst and trader is saying he’ll turn bullish on Ethereum (ETH) if it breaks through one key resistance level.
The analyst pseudonymously known as DonAlt tells the 62,300 subscribers of the Technical Roundup YouTube channel that if Ethereum reclaims $2,800 on the weekly timeframe it could set ETH up for much larger gains.
“I still find ETH interesting. But I would like it to trade above here… $3,000 is the line in the sand. If you get back above $3,000, ETH gets really, really good. And I think at this point, $2,800 is the new line in the sand for me. So at $2,800, it starts looking really good…
Someone asked if ETH doesn’t make a new all-time high this cycle whether that is going to lead to an ETH death spiral. I don’t think so. Just generally, Bitcoin is the best cryptocurrency by far, and ETH is the second best cryptocurrency by far.”
He also suggests that ETH in its Bitcoin pair (ETH/BTC) could be gearing up for a massive breakout if the trading pair consolidates for a while around its current value.
“ETH/BTC can – on this monthly [chart] – spend like six months down here and still be fine. I actually like it somewhat. You had this whole distribution here, you started moving down, if you start accumulating and start going back up the chart looks incredible.”
ETH/BTC is trading for 0.03953 BTC ($2,380) at time of writing, up 1.33% in the last 24 hours.
Generated Image: Midjourney