An analyst who successfully drove the rally in the crypto market this year paints a scenario where Ethereum (ETH) could rise to levels last seen in the second quarter of 2022.
In a new strategy session, pseudonymous analyst DonAlt tells his 51,300 YouTube subscribers that ETH bulls must overcome the $1,940 resistance to create momentum for the leading smart contract platform.
According to DonAlt, a move above $1,940 is likely to push Ethereum to $2,500, a level last seen in early May 2022 ahead of a market collapse triggered by the implosion of the Terra (LUNA) ecosystem.
“$1,940 – that area was resisted. We got rejected by it, but when we get there again, if you even come close to that, chances are we’re going to go to $2,500.
That makes trading pretty easy because then you can basically just buy into the market when it goes up, which is kind of fun and makes the whole thing a bit more tradable.
I don’t dislike the down move as it just opens up better trading opportunities…
If we just have a really good candle from here, I think there’s a good chance we’re just going to break up.
While DonAlt paints a possible bullish scenario for ETH, the crypto strategist says Ethereum probably won’t see meaningful rallies until it recovers to $1,940 or until Bitcoin (BTC) bottoms out.
At the time of writing, Ethereum is trading at USD 1,740, up more than 4% in the past 24 hours.
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Image generated: Midway through the journey
