A trader who managed to predict the bottom of 2022 and then caught the full rise says that a scenario is forming for Ethereum in which the altcoin could rise by 35 percent. It is about the pseudonymous trader DonAlt, who shares with his 52,200 subscribers on YouTube that Ethereum continues to consolidate below the important resistance level of USD 1,935.
At the time of writing, Ethereum is selling for $1,882.
Outbreak imminent?
If consolidation continues around this level, DonAlt says it could eventually lead to a breakout for Ethereum. “Ethereum is consolidating in an area where that is okay, as this resistance should normally produce a correction. So far it has done so a number of times, but has not been able to continue that downward movement,” said DonAlt.
Bitcoin should also make an upward move soon, according to DonAlt, because otherwise a less pleasant scenario could play out. “Then I look at Ethereum and if this continues for another two, three or four weeks, that resistance must break.
If we then get a close above $1,935, it is very likely that the price will continue to shoot up,” DonAlt continued. That uptick could even push Ethereum above May 2022 levels. At the time, the Terra Protocol was falling apart in spectacular fashion.
Ethereum price of $ 2,500 approaching?
“If I look up and we manage to close above $1,935, it’s very clear that we’re moving towards $2,500. There is only air between those two courses. Given that we remain so stuck around $2,000, it seems reasonable to think that we can move up quickly if we break through that,” DonAlt said.
In the end, we just have to see it all. In the financial markets it is very dangerous to talk about securities and especially when it comes to crypto.
Often it is the unexpected events that cause increases or decreases. Consider, for example, BlackRock’s Spot Bitcoin ETF application. Some might argue that it was only a matter of time before they did, but overall it was a complete surprise that drove Bitcoin’s gains.
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