Crypto analyst DonAlt, who managed the rally in cryptocurrencies at the beginning of the year with great skill and made significant profits, believes that the altcoin king Ethereum (ETH) could potentially surge upwards. DonAlt shared the main outlines of his predicted breakout scenario for ETH.
The closely-followed crypto analyst DonAlt stated in a recent strategic session that Ethereum continues to consolidate just below the $1,935 mark, which he characterizes as a key resistance level. According to the analyst, further consolidation at these levels will inevitably be followed by a breakout:
ETH is consolidating in a good area because this resistance should really produce a downward movement. It’s done this a few times so far, but none have been permanent. Bitcoin will move upwards soon. If it doesn’t, it won’t be pleasant. Afterwards, I expect ETH to move upwards in two, three, or four weeks and surpass $1,935.
If ETH closes a candle above $1,935 on a weekly time frame, it will go much higher.
DonAlt also noted that a rise above $1,935 on a weekly price time frame could ignite a swift rally and take ETH to a level last seen in May 2022, prior to the collapse of the Terra ecosystem:
Upward, if it closes above $1,935, it’s pretty clear it will go to $2,500. There’s almost just empty air. Considering we’ve spent so much time around $2,000, it seems extremely reasonable to rise quickly if we surpass this resistance.
Ethereum, the largest altcoin and the biggest smart contract platform at the same time, is trading at $1,883, just below the resistance level pointed out by the analyst, with a 0.33% increase in the last 24 hours. The fact that the highest point in the last 24-hour price range of ETH is $1,889 and the lowest point is $1,863 suggests that the price is in a serious compression.