In a recent strategy session, trader DonAlt outlined a scenario where Ethereum (ETH) could experience a significant rally. Currently, ETH is consolidating just below its key resistance level at $1,935, and according to DonAlt, further consolidation at these prices could lead to a breakout.
But do you think Ethereum will rally 35% and shatter its resistance level? Here’s how it’s possible.
DonAlt believes that if Ethereum remains in this consolidation phase for a few more weeks, the resistance level could be overcome, resulting in a potential upward move. He emphasizes that a close above $1,935 would make it highly likely for Ethereum to climb higher.
A possible scenario, “You get a close above ($1,935), I think it’s pretty likely that you’re going to go higher.”
The trader suggests that a break above $1,935 could ignite a rapid rally, pushing ETH towards a level last seen in May 2022 before a breakdown caused by the collapse of the Terra (LUNA) ecosystem. He specifically mentions a target of $2,500, highlighting that there is significant room for Ethereum to rise once it surpasses the resistance level.
At the time of writing, Ethereum is trading at $1,882. Traders and investors will be closely monitoring the price action around the resistance level, as a decisive move above it could potentially trigger a notable price surge in the cryptocurrency.
However, do your own research before making financial decisions in this unpredictable market.
Qadir AK
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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