Leading crypto analyst DonAlt, who accurately predicted the recent rally in the cryptocurrency market, now outlines a scenario where Ethereum (ETH) could experience a significant price spike. In a strategy session shared with his YouTube subscribers, DonAlt highlighted the importance of breaking the resistance level at $1,940 for Ethereum to gain momentum and potentially reach price levels last witnessed in Q2 of 2022.
In his latest analysis, DonAlt, a pseudonym analyst with a substantial following of 51,300 subscribers on YouTube, emphasized that Ethereum bulls must overcome the $1,940 resistance level to trigger a strong upward trend for the leading smart contract platform. According to DonAlt, going beyond this crucial level could push Ethereum to $2,500, a price point last seen in early May 2022, before the market crash triggered by the Terra (LUNA) ecosystem boom.
Analysts pointed out that $1,940 was previously a significant barrier for Ethereum, leading to resistance. However, if the cryptocurrency manages to approach this level again, DonAlt believes there is a high probability of reaching $2,500. Such a scenario will make trades more profitable and easier to execute, as investors can capitalize on the momentum by buying the market.
DonAlt emphasizes that the current downward movement in Ethereum’s price should not be viewed negatively, as it creates better trading opportunities. However, he suggested that Ethereum is likely to experience a substantial rally once it manages to recover and surpass the $1,940 resistance level or until Bitcoin (BTC) bottoms out.
At the time of writing, Ethereum is trading at $1,740, indicating a growth of over 4% in the last 24 hours. Investors and traders will be monitoring the market closely to see if Ethereum can break the resistance level and potentially trigger a significant spike.
Crypto analyst DonAlt paints a bullish picture for Ethereum, outlining the potential for a price spike if the cryptocurrency breaks the resistance level at $1,940. Analysts believe a successful breakthrough could propel Ethereum to $2,500, a level last witnessed in Q2 of 2022. While DonAlt admits that Ethereum’s price is currently facing challenges, he remains optimistic, pointing out that the cryptocurrency market can present interesting trading opportunities. Investors will be closely watching Ethereum’s performance in the coming days as it approaches a critical resistance level, anticipating a potential increase in momentum for the leading smart contract platform.