A trader and analyst who accurately predicted the Bitcoin (BTC) bottom in November of 2022 is warning that Ethereum (ETH) is looking bearish overall on the weekly chart.
In a new video, the trader pseudonymously known as DonAlt tells the 66,200 subscribers of the TechnicalRoundup YouTube channel that ETH needs to reclaim the $2,000 level as support to start looking bullish again.
“The ETH chart, we’ve just broken down a bunch, and it needs to reclaim a little bit to look bullish. So right now, it’s still quite aggressively bearish, but we had a little bit of a good week. Reclaim $2,000 and we can start talking about major trend shift that we haven’t had in a long time.”
DonAlt also says that ETH needs to hold two key levels as support on the daily chart to keep alive the chance for a bullish reversal.
“What cannot be lost is basically down here [at ~$1,670]. Like you don’t want to see any close below here and you don’t want to see any move below the impulse move [at ~$1,540].”
ETH is trading for $1,764 at time of writing, down 2.2% in the last 24 hours.
Looking at Bitcoin, the analyst says if BTC can hold $90,000 as support on the weekly chart, it would likely confirm a bullish trend.
“Below here [$89,000], very scary. Close above $90,000 [on the weekly], early signal that the trend has shifted back to bullish again.”
Bitcoin is trading for $93,506 at time of writing, flat on the day.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
