A trader who caught the 2023 crypto breakout believes that Ethereum (ETH) may be gearing up for a big surge to a level last seen about two years ago.
In a fresh strategy session, crypto strategist DonAlt tells his 56,900 YouTube subscribers that Ethereum is one resistance level away from igniting a 40% move to the upside.
DonAlt also says that a breakout on the ETH/USD pair could also force a rally in the Ethereum versus Bitcoin (ETH/BTC) pair.
“I’m looking at ETH/USD weekly and I think if it crosses above $2,500 to $2,550, I think there is a world in which ETH starts squeezing even on the Bitcoin pair.”
According to DonAlt, a break of ETH’s resistance around $2,500 could send the leading altcoin to $3,500, a price area last witnessed in April 2022.
“That’s quite the move. That would basically be a 40% move. [A] 40% move on ETH/USD toward resistance and you have 27% on Bitcoin toward resistance, so you could argue that if that breakout happens, maybe you actually have a little bit more potential on ETH/USD.
It’s a tough one and it’s a risky one but I think it’s not the worst trade in the world.”
At time of writing, ETH is trading for $2,511, a fractional increase in the last 24 hours.
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