Popular Analyst Says Ethereum (ETH) Could Teleport Up, Explains How Bitcoin (BTC) Could Look Really Good Quickly
A popular crypto strategist is predicting a new upleg for Ethereum (ETH) while charting an uptrend for Bitcoin (BTC).
In a new strategy session, pseudonymous analyst DonAlt says he is closely watching how Ethereum reacts at the $1,700 level.
DonAlt predicts ETH to break the $1,700 resistance on the way to its $2,500 target.
“What we’re doing right now is basically we’ve reclaimed that entire breakdown, so to me this is basically a completely reclaimed setup into a similar resistance, but one that’s been tested before and one that’s been tested very, very recently became. I don’t think $1,700 will do much [as resistance]. I could be completely wrong… But to me it looks like it wants to teleport up…
Even if it is resistance, I expect upside potential.”
The crypto strategist also says that ETH is looking bullish on the higher timeframe after enduring a vicious downtrend since December 2021.
“Look at this [monthly] candle and how great it is developing, exactly what I wanted to see. You have a great monthly candle (July) followed by one that freaks people out (August) and then you just move on. It’s a look I haven’t seen for ETH in a while… It’s kinda looking good again now, obviously due to a narrative shift and new storytelling in town.”
Source: DonAlt/YouTube
At the time of writing, ETH is trading at $1,762.
Regarding Bitcoin, DonAlt says that if it manages to flip resistance around $21,000 to support, BTC will look “really good very quickly.”
“I really like this momentum we’re having today, which isn’t necessarily caused by [the stock market]. Bitcoin is up 7%. The S&P [500] increased by 0.4%. The S&P has risen over the past few days. Bitcoin just broke, shooting back up, but more so than the S&P so far. So I don’t hate it…
If we start getting back above $22,300 or that area…if we reclaim that, things are looking really good. until that happens [there’s] still no reason to be overly excited but the table really doesn’t bother me at the moment.”
Source: DonAlt/YouTube
At the time of writing, Bitcoin is exchanging hands for $21,344.
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