A Possible Ethereum (ETH) Upswing: An Analysis by Prominent Crypto Trader DonAlt
Well-renowned trader DonAlt, who adroitly rode the upswing in the crypto markets earlier this year, presents a scenario where Ethereum (ETH) could experience a dramatic surge to the upside. This forecast comes in response to ETH’s current pricing trends and existing market conditions.
Ethereum’s Current Market Performance
At the time of writing this piece, Ethereum, the second-largest cryptocurrency by market capitalization, trades at around $1,882. Ethereum continues to consolidate just under its important resistance level at $1,935, according to DonAlt’s recent strategy session.
- Resistance Level: $1,935
- Current Trading Price: $1,882
- YouTube Subscribers: 52,200+
Further Consolidation Can Lead to a Breakout
In his analysis, DonAlt stated that potentially, further consolidation at current prices could lead to a substantial breakout of Ethereum’s market price.
“ETH is actually consolidating in an area where it’s okay, even though this resistance level should trigger a downward movement… Bitcoin should move soon. Otherwise, it’s not going to be favorable… And then I look at ETH. If the current state remains for another two, three, or four weeks, that resistance should be dissolved…”
Potential Upsurge if ETH Closes above Resistance Level
He further added that if Ethereum manages to close above the resistance level of $1,935, it is highly likely to experience an uptick in its price.
“A close above ($1,935), would make it likely that its price would increase significantly.”
Predicting a Jump to the Last Known Highs
DonAlt also suggests that Ethereum’s move above its resistance level could trigger a swift rally. This could see Ethereum rise to values it last recorded in May 2022, before the cryptocurrency witnessed a dip due to the collapse of the Terra (LUNA) ecosystem.
“If there is a close above $1,935 on the upside, we’re likely to see a move to $2,500. There’s almost no resistance above… Considering the current behavior around the $2,000 mark, it makes sense for it to rise swiftly if it breaks through the resistance.”
| Ethereum (ETH) |
|---|
 |
| Source: DonAlt/Twitter |
In summary, it’s a make or break scenario for Ethereum, according to the crypto trader. If the cryptocurrency can break through its resistance level and sustain above, the market could witness a rapid rally. Otherwise, it could maintain status quo for an extended period. For a deeper dive into DonAlt’s analysis, watch his full strategy session below: