Popular Analyst Says Ethereum (ETH) Could Teleport Up, Explains How Bitcoin (BTC) Could Look Very Good Quickly

A popular crypto strategist predicts a new leg for Ethereum (ETH) while charting a bullish path for Bitcoin (BTC).

In a new strategy session, analyst alias DonAlt says he is closely watching how Ethereum reacts to the $1,700 level.

DonAlt predicts that ETH will break through the $1,700 resistance en route to its $2,500 target.

“What we’re doing right now is basically we’ve recovered the entire breakdown, so to me that’s basically an entire recovered setup at a similar resistance, but one that’s been tested in the past and one that’s been tested very, very recently. I don’t think $1,700 will do much [as resistance]. I could be totally wrong… But to me, it looks like he wants to teleport…

Although it is a resistance, I expect the opposite.”

The crypto strategist also says that ETH looks bullish on the higher time frame after enduring a vicious downtrend since December 2021.

“Look this [monthly] wax and how nicely it forms, just what I wanted to see. You have a great monthly candle (July) followed by a candle that freaks people out (August) and then you move on. That’s a look I haven’t seen for ETH in a while… Now, it’s starting to look kind of good again obviously because of a narrative shift and a new narrative in town.”

Source: DonAlt/YouTube

At the time of writing, ETH is trading at $1,762.

As for Bitcoin, DonAlt says that BTC will look “very good, very quickly” if it can break through the resistance around $21,000 to support.

“I really like this dynamic that we have today that is not necessarily caused by [the stock market]. Bitcoin rose 7%. The S&P [500] up 0.4%. The S&P has been bullish for the past few days. Bitcoin just basically broke, bounced back with it, but more so than the S&P so far. So I don’t hate it…

If we start to get back above $22,300 or that area… if we challenge it again, it’s going to start looking really good. Until that happens, [there’s] there’s still no reason to get overly excited, but I really don’t mind the chart right now.”

Source: DonAlt/YouTube

At the time of writing, Bitcoin is exchanging hands for $21,344.


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