The post Ethereum Price Analysis: ETH Price Poised For Significant Breakout Ralling 35% appeared first on Coinpedia Fintech News

In a recent strategy session, trader DonAlt outlined a scenario where Ethereum (ETH) could experience a significant rally. Currently, ETH is consolidating just below its key resistance level at $1,935, and according to DonAlt, further consolidation at these prices could lead to a breakout.

But do you think Ethereum will rally 35% and shatter its resistance level? Here’s how it’s possible. 

DonAlt believes that if Ethereum remains in this consolidation phase for a few more weeks, the resistance level could be overcome, resulting in a potential upward move. He emphasizes that a close above $1,935 would make it highly likely for Ethereum to climb higher.

A possible scenario, “You get a close above ($1,935), I think it’s pretty likely that you’re going to go higher.”

The trader suggests that a break above $1,935 could ignite a rapid rally, pushing ETH towards a level last seen in May 2022 before a breakdown caused by the collapse of the Terra (LUNA) ecosystem. He specifically mentions a target of $2,500, highlighting that there is significant room for Ethereum to rise once it surpasses the resistance level.

At the time of writing, Ethereum is trading at $1,882. Traders and investors will be closely monitoring the price action around the resistance level, as a decisive move above it could potentially trigger a notable price surge in the cryptocurrency. 

However, do your own research before making financial decisions in this unpredictable market. 

---

Filed under: Bitcoin - @ July 12, 2023 5:23 am