A popular crypto strategist is predicting a new advance for Ethereum (ETH) while charting an upward trajectory for Bitcoin (BTC).
In a new strategy session, analyst alias Donalt says he is closely watching how Ethereum reacts at the $1,700 level.
DonAlt predicts that ETH will break the $1,700 resistance en route to its $2,500 target.
“What we’re doing now is basically we’ve recovered this complete meltdown, so for me, this is basically a fully re-engineered setup to like resistance but tested before and tested very recently. I don’t think $1700 is going to do much [as resistance]. I could be completely wrong…but to me, it looks like he wants to teleport…
Although it is resistance, I am anticipating the upside.”
The crypto strategist also says that ETH looks bullish in the higher time frame, after enduring an evil downtrend since December 2021.
“Look at that [monthly] The candle and how awesome it was shaped, just exactly what I wanted to see. You have a great monthly candle (July) followed by a candle that makes people fear (August) and then it keeps working. This is a look I haven’t seen in a while for ETH… Now, it’s starting to look kinda good again clearly due to a shift in narrative and a new narrative in town.”
At the time of writing, ETH is trading at $1,762.
As for Bitcoin, DonAlt says BTC will look “really really good quickly” if it can flip the resistance around $21,000 to support it.
“I really like the momentum we have today that is not necessarily caused by [the stock market]. Bitcoin is up 7%. Syrian Pound  It rose 0.4%. The S&P index has risen over the past few days. Basically Bitcoin captured, backed up but more so than S&P so far. So I don’t hate her…
If we start going back to above $22,300 or that area…if we get that back, it’s going to start looking really good. until that happens, [there’s] I still don’t need to be overly excited, but I don’t really mind the graph right now.”
At the time of writing, Bitcoin is exchanging hands for $21,344.
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