A trader who successfully navigated the crypto market earlier this year predicts that Ethereum (ETH) may experience a significant surge in value.
DonAlt, who has 52,200 subscribers on YouTube, recently shared his strategy in which he points out that Ethereum is currently consolidating below its important resistance level of $1,935. DonAlt believes that if Ethereum continues to consolidate at its current price, it may eventually break out.
“ETH is actually consolidating in an area where it’s actually okay because this resistance really should produce a down move. So far, it’s done that a couple of times, but nothing really stuck…
Bitcoin should move soon. Otherwise, it’s going to be not nice. And then I look at ETH, if this stays (like) this for two, three, four more weeks that resistance should be cooked…
You get a close above ($1,935), I think it’s pretty likely that you’re going to go higher.”
According to DonAlt, if Ethereum surpasses the $1,935 mark, it could trigger a quick surge that might push ETH to its May 2022 levels before the ecosystem of Terra (LUNA) fell apart.
“To the upside, we close above $1,935, it seems pretty damn clear that we’re going to go to $2,500. There’s pretty much just empty air… Given that we’ve stuck around the $2,000 handle so much just seems sensible to go up quite quickly if we do get through it.”
Ethereum in the news
The host of Coin Bureau, Guy Turner, has identified two potential catalysts that may trigger a bullish surge for Ethereum (ETH).
In a recent video, Turner informed Coin Bureau’s 2.28 million followers that two upcoming milestones could drive “ETH’s price to new heights.” Turner explained that one of these milestones is the proto-danksharding upgrade.
“The biggest upcoming milestone for Ethereum is the EIP-4844 upgrade which is colloquially referred to as proto-danksharding. The reason why proto-dank sharding is a big deal is because it will basically allow Ethereum to reach a level of scalability that’s comparable with centralized computer systems. This will be achieved by addressing Ethereum’s main bottleneck to scalability which is data availability…
A solution called proto-danksharding allows for unique data blobs to be stored on the Ethereum blockchain, resulting in greater accessibility to transaction data.
