A closely watched crypto strategist believes that Ethereum (ETH) is poised to rise as it continues to show relative signs of strength despite the recent correction in the altcoin markets.
Pseudonymous analyst Rekt Capital tells his 346,700 Twitter followers that Ethereum managed to retest the $1,719 level as support.
According to the crypto strategist, the bullish retest suggests that ETH could rise more than 23% in the coming months.
“ETH retest is still successful.
ETH enjoys price stability at the base of this orange box.
Stay here and ETH is well positioned to follow the blue path in an attempt to revisit the top of the orange box.
Looking at the trader’s chart, he appears to be predicting a steady Ethereum rally heading towards the September level of $2,275. At the time of writing, ETH is trading at USD 1,737, up more than 1% in the past 24 hours.
While Rekt Capital has turned bullish on Ethereum, fellow analyst Justin Bennett says ETH is still under significant pressure as it continues to trade below key resistance levels.
“Crypto bulls have done their job this week.
Markets like ETH look vulnerable.”
The trader’s chart shows that ETH bulls need to regain the $1,800 level to successfully negate both the horizontal and diagonal resistances.
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