A closely followed crypto strategist believes that Ethereum (ETH) is gearing up for a big rally next year after a bullish December.

Pseudonymous analyst Rekt Capital tells his 380,300 followers on the social media platform X that Ethereum looks primed for an over 20% surge if it manages to end December above the key resistance level of $2,274.

The analyst shares a chart showing ETH retesting $2,274 as support before igniting a rally toward $2,791.

“ETH is positioning itself really well for a bullish December monthly close.”

Source: Rekt Capital/X

At time of writing, Ethereum is trading for $2,302.

The crypto strategist is also keeping a close watch on the Ethereum rival MultiversX (EGLD), formerly known as Elrond. Rekt Capital sees EGLD rallying to $85.46 after taking out its resistance at around $60.

“EGLD continues to perform well. First, reclaimed orange area as support. And then the red area as support. Following the black path now.

Dips into red = healthy but may not occur.”

Source: Rekt Capital/X

At time of writing, EGLD is trading for $68.83.

The next altcoin on the trader’s radar is fellow Ethereum competitor Near (NEAR). According to Rekt Capital, NEAR could retest $3.35 as support first before breaking out of its immediate resistance at $4.36.

“Rejects from $4.36 and may be set for a monthly close below said level.

However, NEAR still remains inside this blue-blue range, with scope to retest the range low soon.

Stability there could precede another challenge of $4.36+.”

Source: Rekt Capital/X

At time of writing, NEAR is worth $3.71.

Generated Image: Midjourney

The post Trader Predicts Rallies for Ethereum Following Strong December, Updates Outlook on Two ETH Challengers appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ January 1, 2024 5:02 am