A closely followed crypto strategist believes that Ethereum (ETH) is poised to surge as it continues to show relative signs of strength despite the recent correction in the altcoin markets.
Pseudonymous analyst Rekt Capital tells his 346,700 Twitter followers that Ethereum has managed to successfully retest the $1,719 level as support.
According to the crypto strategist, the bullish retest suggests that ETH could rally by more than 23% in the coming months.
“ETH retest is still successful.
ETH is enjoying price stability at the base of this orange box.
Hold here and ETH is well-positioned to follow the blue path in an effort to revisit the top of the orange box.”
Looking at the trader’s chart, he appears to predict a steady Ethereum rally en route to the $2,275 level by September. At time of writing, ETH is trading for $1,737, up over 1% in the last 24 hours.
While Rekt Capital has flipped bullish on Ethereum, fellow analyst Justin Bennett says that ETH is still under a lot of pressure as it continues to trade below key resistance levels.
“Crypto bulls have their work cut out this week.
Markets like ETH look vulnerable.”
The trader’s chart shows that ETH bulls must reclaim the $1,800 level to successfully negate both its horizontal and diagonal resistances.
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