Renowned cryptocurrency analyst DonAlt has presented a promising outlook for Ethereum (ETH), suggesting the digital currency could see significant gains if it reclaims a pivotal resistance level. According to DonAlt, if Ethereum surpasses the $2,800 mark on the weekly chart, the altcoin may start to look “really, really good.” In fact, he believes the $3,000 threshold is crucial for Ethereum’s bullish momentum. His insights, shared with the Technical Roundup audience of over 62,000 cryptocurrency enthusiasts, shed light on Ethereum’s potential to ascend higher.
Ethereum’s Path to Recovery: Key Level Analysis
In the digital currency landscape, Ethereum consistently captures attention, and DonAlt foresees the coin’s potential surge if it holds above the $2,800 mark. He articulates that at this level, Ethereum begins to exhibit strong bullish characteristics. Furthermore, the analyst addresses concerns about Ethereum’s performance relative to all-time highs, dismissing fears of any drastic downturn. In his view, even if ETH does not reach a new peak this cycle, it remains a superior choice within the crypto hierarchy, only second to Bitcoin.
Potential Breakout for ETH/BTC
Moreover, DonAlt comments on the ETH/BTC trading pair, noting its potential for an upward breakout. He suggests that if Ethereum’s Bitcoin pair consolidates at its current levels, it could pave the way for a substantial rally. In fact, he illustrates that after a period of distribution, the ETH/BTC chart could look extremely attractive if the price starts ascending again. This potential for growth in the ETH/BTC trading pair is worth watching, as it currently trades at 0.03953 BTC ($2,380), with a slight increase of 1.33% over the past 24 hours.
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Disclaimer: The insights shared by The Daily Hodl are not investment advice. If investing in cryptocurrencies like Bitcoin or other digital assets, conduct thorough research beforehand. Be aware that digital trading bears inherent risks.
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