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

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.”

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.

I 

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney