A closely followed crypto analyst says that Ethereum (ETH) has to break through one resistance level to ignite a bull rally.
In a new thread, crypto trader Rekt Capital tells his 549,100 followers on the social media platform X that Ethereum needs to reclaim the area around $2,500 as support before ETH can mount an explosive move to the upside.
[adinserter block="1"]“After holding the orange circled area for about six full weeks, Ethereum ended up following through on the blue circled scenario. Still, this orange box is the macro range low ($2,200), and price needs to effectively reclaim around $2,500 to rally across the range.”
The analyst also says that until Ethereum closes above $2,500 on the daily chart, ETH will likely hold $2,200 as support as it trades sideways.
“For the time being, Ethereum is treating the ~$2,500 level as resistance after it previously held for almost six weeks. But Ethereum just needs a daily close above ~$2,500 to start the reclaim process. Until then, ETH will meander between $2,200-$2,500.”
ETH is trading for $2,425 at time of writing, flat on the day.
Next up, the analyst says that Bitcoin (BTC) is showing bullishness on the daily timeframe, having smashed through a downtrend line for the second time in June.
“Bitcoin has broken two two-week downtrends over the past month.”
Bitcoin is trading for $107,302 at time of writing, flat on the day.
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