Crypto analyst DonAlt, known for successfully managing the market rally that started on January 1 and continued until April 15, expects Ethereum (ETH), the largest altcoin, to rise to a level last seen in the second quarter of 2022. Here’s the analyst’s ETH forecast.
Only One Hurdle to ETH’s Massive Surge: $1940
Anonymous crypto analyst DonAlt asserts that ETH bulls need to surpass $1940 to gain momentum for the leading smart contract platform. According to the analyst, the price climbing above $1940 will take Ethereum to levels before the market-wide collapse triggered by the collapse of the Terra (LUNA) ecosystem, up to $2500, a level last seen at the beginning of May 2022:
$1940 is a significant resistance level. The price rebounded from here, but if it goes back there, even if it gets close, the chance of rising to $2500 is indeed very high. This makes trading ETH quite easy because if it goes up, you can basically buy, which is quite nice and makes everything a bit more tradable. I don’t hate the downward movement because it just creates better trading opportunities. If it’s going to light a really good candle from here, I think the chance of an upward breakout is higher.
Although DonAlt has outlined a possible bullish scenario for ETH, he also added that we won’t see a meaningful rally until the largest altcoin surpasses $1940 or until Bitcoin (BTC) bottoms out.
The Current State of Ethereum
Ethereum, the coin DonAlt focuses on, is trading at $1724, with a decline of 0.18% in the last 24 hours and 0.93% in the last 7 days, according to data provided by CoinMarketCap (CMC). ETH, also the second-largest cryptocurrency with a market cap of $207.3 billion, moved predominantly in the $1750 to $1700 range over the weekend.
