A prominent crypto analyst, DonAlt, who accurately predicted the recent rally in the cryptocurrency market, is now outlining a scenario where Ethereum (ETH) could experience a significant price surge. In a strategy session shared with his YouTube subscribers, DonAlt highlights the importance of breaching the resistance level at $1,940 for Ethereum to gain momentum and potentially reach a price level last witnessed in Q2 of 2022.
In his latest analysis, DonAlt, a pseudonymous analyst with a substantial following of 51,300 subscribers on YouTube, emphasizes that Ethereum bulls must overcome the resistance level at $1,940 to ignite a strong upward trend for the leading smart contract platform. According to DonAlt, surpassing this crucial level could propel Ethereum to $2,500, a price point last seen in early May 2022, before a marketwide collapse triggered by the implosion of the Terra (LUNA) ecosystem.
The analyst points out that $1,940 was previously a significant barrier for Ethereum, leading to a rejection. However, if the cryptocurrency manages to approach this level again, DonAlt believes there is a high probability of it reaching $2,500. Such a scenario would make the trade more favorable and easily executable, as investors could take advantage of the momentum by making market purchases.
DonAlt emphasizes that the current downward movement in Ethereum’s price shouldn’t be viewed negatively, as it creates better trading opportunities. However, he suggests that Ethereum is likely to experience substantial rallies once it successfully recovers and surpasses the $1,940 resistance level or until Bitcoin (BTC) reaches its bottom.
At the time of writing, Ethereum is trading at $1,740, showing a growth of over 4% within the last 24 hours. Investors and traders will closely monitor the market to see if Ethereum can break through the resistance level and potentially trigger a significant surge.
Crypto analyst DonAlt is painting a bullish picture for Ethereum, outlining a potential price surge if the cryptocurrency breaches the resistance level at $1,940. The analyst believes a successful breakthrough could propel Ethereum to reach $2,500, a level last witnessed in Q2 of 2022. While DonAlt acknowledges that Ethereum’s price currently faces challenges, he remains optimistic, suggesting that the cryptocurrency market could present attractive trading opportunities. Investors will closely watch Ethereum’s performance in the coming days as it approaches the critical resistance level, anticipating a potential upswing in momentum for the leading smart contract platform.
