Ethereum (ETH) Poised for Upside Movement, Analyst Predicts
As the crypto market continues to show signs of recovery, Ethereum (ETH) appears to be gearing up for a potential rally according to a popular crypto analyst. Over the last two weeks, Ethereum has demonstrated price stability, holding the $4,000 support level on the weekly chart.
Rekt Capital, a pseudonymous crypto trader with a large following on social media, recently shared insights with his audience on X, suggesting that Ethereum’s current price stability could lead to renewed upside momentum. In a recent strategy session, Rekt Capital highlighted that ETH successfully retested its breakout level and has maintained $4,000 as a new support level for two consecutive weeks.
Based on his analysis, the trader predicts that Ethereum could soon rally to $4,542, showcasing further potential for growth. Currently trading at $3,956, Ethereum has already seen a nearly 28% increase in value over the last 30 days.
However, Rekt Capital also pointed out that Bitcoin’s dominance in the market, as indicated by BTC.D, is on the rise. With BTC.D currently at 57.80%, Bitcoin may continue to outperform altcoins in the near future. The trader emphasized the importance of monitoring Bitcoin dominance as it could signal the beginning of a “Bitcoin Season.”
Despite the positive outlook for Ethereum and Bitcoin, Rekt Capital also cautioned that historical patterns suggest a potential correction in Bitcoin’s price before another rally. Drawing parallels to previous market cycles, the trader highlighted the possibility of a sudden pullback in Bitcoin’s price as a normal part of the market cycle.
As of the latest data, Bitcoin is trading at $106,972, reflecting an increase of over 18% in the last 30 days. Investors are advised to stay vigilant and monitor market movements closely to navigate potential price fluctuations.
Stay Informed with The Daily Hodl
For the latest updates on cryptocurrency trends and market insights, subscribe to The Daily Hodl for email alerts directly to your inbox. Follow us on social media platforms such as X, Facebook, and Telegram to stay connected with the latest news and analysis in the crypto space.
Generated Image: DALLE3