Popular Analyst Says Ethereum (ETH) May Teleport Up, Explains How Bitcoin (BTC) Could Look Very Good Quickly
A popular crypto strategist predicts another leg up for Ethereum (ETH) while charting a bullish path for Bitcoin (BTC).
In a new strategy session, pseudonymous analyst DonAlt says he is closely watching how Ethereum reacts to the $1,700 level.
DonAlt predicts that ETH will cut through the $1,700 resistance on its way to his $2,500 target.
“What we’re doing right now is basically we recovered the entire breakdown, so to me this is basically a completely recovered setup to similar resistance, but one that’s been tested before and one that’s been tested very, very recently. I think not 1700 dollars is going to do much [as resistance]. I could be completely wrong… But to me it just looks like it will teleport up…
Although there is resistance, I expect upside.”
The crypto strategist also says that ETH looks positive on the higher time frame after going through a vicious trend since December 2021.
“Look at that [monthly] candles and how wonderful it is to shape, just what I wanted to see. You have a great monthly candle (July) followed by one that freaks people out (August) and then you just keep going. It’s a look I haven’t seen for a while for ETH… Now it’s starting to look pretty good again, obviously because of a narrative shift and a new narrative in town.”
At the time of writing, ETH is trading at $1,762.
As for Bitcoin, DonAlt says that BTC will look “really good very quickly” if it can turn resistance around $21,000 to support.
“I really like this momentum we have today that is not necessarily caused by [the stock market]. Bitcoin is up 7 percent. S&P [500] is up 0.4 percent. The S&P has risen in recent days. Bitcoin basically snapped, shot back up with it, but more than the S&P so far. So I don’t hate it…
If we start to get back above $22,300 or that area … if we recover that, it starts to look really good. Until that happens, [there’s] still no reason to get overly excited, but I don’t really mind the chart right now.”
At the time of writing, Bitcoin is changing hands for $21,344.
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