A closely followed Crypto analyst says Ethereum (ETH) must break through one level of resistance to set the bull rally on fire.
In a new thread, Crypto Trader Rekt Capital tells 549,100 followers on social media platform X that Ethereum needs to regain around $2,500 in support before ETH can turn the explosive move upside down.
“After holding the orange swivel area for about six weeks, Ethereum followed the Blue Circle scenario. Still, this orange box has a low macro range ($2,200) and the price must effectively collect around $2,500 across the range.”
Source: Rekt Capital/X
Analysts also say that until Ethereum exceeds $2,500 on its daily charts, ETH is likely to hold $2,200 in support when traded sideways.
“For the time being, Ethereum has previously held for six weeks and then treated the ~$2,500 level as resistance. However, Ethereum needs to exceed $2,500 each day to begin the recovery process. Until then, ETH will meander between $2,200 and $2,500.”
ETH is trading at $2,425 at the time of writing and is flat on the day.
Analysts then say Bitcoin (BTC) is bullishing in its daily time frame, running through the cave for the second time in June.
“Bitcoin has broken two downward trends over the past month.”
Source: Rekt Capital/X
Bitcoin is trading at $107,302 at the time of writing and is flat for the day.