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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Featured Image: Shutterstock/monkographic
The post Top Analyst Predicts 40% Ethereum Rally Once ETH Takes Out This Level – Here’s His Outlook appeared first on The Daily Hodl.
