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.
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