Ethereum Could Surge by 60% Despite Recent Downturn, Says Analyst
A well-known crypto analyst and trader has predicted that Ethereum (ETH) could experience a significant price increase of up to 60% despite its recent dip in value. Rekt Capital, a pseudonymous crypto trader with a large following, shared his insights on social media platform X, highlighting a key level that Ethereum has been holding that historically triggers substantial rallies.
According to Rekt Capital, Ethereum has been maintaining support at $2,500, showcasing stability over the past five weeks. Historically, holding this support level has led to price surges to $4,000 in the past. The analyst emphasized the importance of Ethereum continuing to demonstrate stability at this level to pave the way for a potential 60% increase in its value.
As of the time of writing, Ethereum is trading at $2,517, with a slight decrease on the day. Achieving Rekt Capital’s price target would represent a substantial 60% surge in ETH’s value.
Bitcoin’s Resistance Weakening, According to Analyst
Shifting focus to the leading cryptocurrency by market cap, Bitcoin (BTC), the analyst noted that the final line of resistance for Bitcoin appears to be weakening after the crypto asset closed above $105,000 last week.
Rekt Capital highlighted that while Bitcoin recently faced rejection from the major weekly resistance, the intensity of this rejection seems to be diminishing. Previous rejections resulted in dips of 8% and 5.8%, but the current dip is shallower, indicating that the resistance is losing strength.
The analyst also emphasized the importance of Bitcoin avoiding a daily close below $106,000, followed by a subsequent rejection, to maintain its price momentum. Bitcoin is currently trading at $106,788, with over a 1% increase on the day.
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