A widely followed crypto analyst and trader says that Ethereum (ETH) could skyrocket by 60% despite its recent downturn.
In a new thread, pseudonymous crypto trader Rekt Capital tells his 549,400 followers on the social media platform X that the top altcoin is holding a key level that has historically sparked rallies afterwards.
“Ethereum continues to maintain $2,500 as support despite the dip. Historically, holding $2500 as support has enabled moves to $4,000 over time. Ethereum needs to keep demonstrating stability here, just like it has done for the past five weeks now.”
Ethereum is trading for $2,517 at time of writing, a fractional decrease on the day. A rise to Rekt Capital’s price target would be about a 60% increase for ETH.
Moving on to the top crypto asset by market cap, the analyst says Bitcoin (BTC) last line of resistance appears to be getting weaker after the crypto king closed last week above $105,000.
“Bitcoin has rejected from the final major weekly resistance. But how strong will this rejection be? Rejection from a few weeks ago caused a -8% dip. Thus far, this rejection caused a -5.8% dip. If this dip is shallower, resistance [is] getting weaker.”
The trader also notes that the best thing for the crypto king’s price tag is to avoid a daily close below $106,000, followed by a subsequent rejection.
“On the daily timeframe, Bitcoin found support at this local green area yesterday. What price needs to avoid doing is daily closing below the green box and rejecting from it like in the previous red circle.”
BTC is trading for $106,788 at time of writing, an over 1% increase on the day.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
Read the full article here
