A famous crypto strategist predicts a new lead for Ethereum (ETH) as he plots a bullish path for Bitcoin (BTC).
In a new strategic session, pseudonymous analyst DonAlt says he is keeping an eye on Ethereum’s reaction to the $ 1,700 level.
DonAlt expects ETH to cut the $ 1,700 resistance en route to its $ 2,500 target.
“What we are doing right now is basically that we have recovered the entire fault, so for me this is basically an entire configuration recovered in a similar resistor but which has been tested before and which has been tested very, very recently. I don’t think $ 1,700 will do much [as resistance]. I could be completely wrong … But it seems to me that he really wants to teleport to …
Even if it is resistance, I expect an upside. ”
The crypto strategist also says that ETH looks bullish over a longer time frame after experiencing a violent downtrend since December 2021.
“Look that [monthly] candle and how much is taking shape, just exactly what I wanted to see. You have a great monthly candle (July) followed by one that drives people crazy (August) and then you keep moving forward. It’s something I haven’t seen in a while for ETH … Now, it’s starting to look good again, of course, due to a narrative shift and a new narrative in town.
At the time of writing, ETH is trading at $ 1,762.
As for Bitcoin, DonAlt says that BTC will look “really good very fast” if it manages to overturn the resistance of around $ 21,000 to support.
“I really like this momentum we have today which isn’t necessarily caused by [the stock market]. Bitcoin is up 7%. The S&P  is up by 0.4%. The S&P has been rising in the past few days. Bitcoin just snapped, picked up with it, but so far more so than the S&P. So I don’t hate it …
If we start coming back above $ 22,300 or that area … if we claim it, it starts to look really good. Until that happens, [there’s] still there’s no reason to be overly excited, but I don’t really mind the chart right now.
At the time of writing, Bitcoin is trading hands for $ 21,344.
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