dailyhodl.com
A top cryptocurrency analyst and trader is saying he’ll turn bullish on Ethereum ($ETH) if it breaks through one key resistance level.
The analyst pseudonymously known as DonAlt tells the 62,300 subscribers of the Technical Roundup YouTube channel that if Ethereum reclaims $2,800 on the weekly timeframe it could set $ETH up for much larger gains.
“I still find $ETH interesting. But I would like it to trade above here… $3,000 is the line in the sand. If you get back above $3,000, $ETH gets really, really good. And I think at this point, $2,800 is the new line in the sand for me. So at $2,800, it starts looking really good…
Someone asked if $ETH doesn’t make a new all-time high this cycle whether that is going to lead to an $ETH death spiral. I don’t think so. Just generally, Bitcoin is the best cryptocurrency by far, and $ETH is the second best cryptocurrency by far.”
He also suggests that $ETH in its Bitcoin pair ($ETH/$BTC) could be gearing up for a massive breakout if the trading pair consolidates for a while around its current value.
“$ETH/$BTC can – on this monthly [chart] – spend like six months down here and still be fine. I actually like it somewhat. You had this whole distribution here, you started moving down, if you start accumulating and start going back up the chart looks incredible.”
$ETH/$BTC is trading for 0.03953 $BTC ($2,380) at time of writing, up 1.33% in the last 24 hours.
Generated Image: Midjourney