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
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Analyst Sees Ethereum (ETH) Igniting 60% Rally Despite Dip, Says Final Major Resistance for Bitcoin (BTC) Getting Weaker appeared first on The Daily Hodl.
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
The post Analyst Sees Ethereum (ETH) Igniting 60% Rally Despite Dip, Says Final Major Resistance for Bitcoin (BTC) Getting Weaker appeared first on The Daily Hodl. Bitcoin, Ethereum, Trading, BTC, Crypto, ETH, etherum, News, rekt capital, trading
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.