A well-known trader and analyst, who accurately predicted the Bitcoin (BTC) bottom in November of 2022, is now issuing a warning about the bearish trend of Ethereum (ETH) on the weekly chart. In a recent video shared with the subscribers of the TechnicalRoundup YouTube channel, the trader, known as DonAlt, highlighted the importance of ETH reclaiming the $2,000 level as support in order to signal a bullish reversal.
According to DonAlt, the ETH chart has experienced a significant breakdown and currently appears aggressively bearish. He emphasized the necessity for ETH to regain the $2,000 level to initiate discussions about a major trend shift that has been absent for a considerable period. Additionally, he mentioned that ETH must maintain two crucial support levels on the daily chart, around $1,670 and $1,540, to sustain the possibility of a bullish turnaround.
At the time of writing, ETH is trading at $1,764, reflecting a 2.2% decline in the last 24 hours. DonAlt’s analysis also extends to Bitcoin, where he suggests that if BTC manages to hold $90,000 as support on the weekly chart, it could confirm a return to a bullish trend. Conversely, a drop below $89,000 would raise concerns.
In terms of Bitcoin’s current price, it is trading at $93,506, remaining relatively unchanged on the day. DonAlt’s insights provide valuable guidance for cryptocurrency traders and investors navigating the volatile market conditions.
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As we continue to monitor the market dynamics, it is essential to stay informed and adapt to changing conditions. The generated image accompanying this article is courtesy of Midjourney, capturing the essence of the evolving crypto landscape.