A closely followed crypto analyst says that Ethereum ( ETH ) has to break through one resistance level to ignite a bull rally. In a new thread, crypto trader Rekt Capital tells his 549,100 followers on the social media platform X that Ethereum needs to reclaim the area around $2,500 as support before ETH can mount an explosive move to the upside. “After holding the orange circled area for about six full weeks, Ethereum ended up following through on the blue circled scenario. Still, this orange box is the macro range low ($2,200), and price needs to effectively reclaim around $2,500 to rally across the range.” Source: Rekt Capital/X The analyst also says that until Ethereum closes above $2,500 on the daily chart, ETH will likely hold $2,200 as support as it trades sideways. “For the time being, Ethereum is treating the ~$2,500 level as resistance after it previously held for almost six weeks. But Ethereum just needs a daily close above ~$2,500 to start the reclaim process. Until then, ETH will meander between $2,200-$2,500.” ETH is trading for $2,425 at time of writing, flat on the day. Next up, the analyst says that Bitcoin ( BTC ) is showing bullishness on the daily timeframe, having smashed through a downtrend line for the second time in June. “Bitcoin has broken two two-week downtrends over the past month.” Source: Rekt Capital/X Bitcoin is trading for $107,302 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. Featured Image: Shutterstock/Aleksandr Kukharskiy/Visual Unit The post Crypto Trader Unveils Major Level Ethereum Must Break Above To Trigger Rally, Updates Outlook on Bitcoin appeared first on The Daily Hodl .
