Ethereum Faces Bearish Trend, Needs 2000% Reclaim for Bullish Shift

A trader and analyst who accurately predicted the Bitcoin (BTC) bottom in November of 2022 has issued a warning that Ethereum (ETH) appears bearish on the weekly chart. In a recent video, the trader, known by the pseudonym DonAlt, shared his insights with the 66,200 subscribers of the TechnicalRoundup YouTube channel. DonAlt emphasized that for ETH to start showing bullish signs, it needs to reclaim the $2,000 level as support. He noted that while ETH had a good week, it still looks aggressively bearish overall. Reclaiming $2,000 would signal a major trend shift that has not been seen in a long time.

DonAlt also highlighted two key support levels on the daily chart that ETH must hold to maintain the possibility of a bullish reversal. These levels are approximately $1,670 and $1,540. He stressed that any close below $1,670 or a move below the impulse move at $1,540 would be unfavorable. At the time of writing, ETH was trading at $1,764, down 2.2% in the last 24 hours.

Turning to Bitcoin, DonAlt stated that if BTC can hold $90,000 as support on the weekly chart, it would likely confirm a bullish trend. He noted that a close above $90,000 on the weekly chart would be an early signal that the trend has shifted back to bullish. At the time of writing, Bitcoin was trading at $93,506, flat on the day.

DonAlt's analysis underscores the importance of key support levels for both ETH and BTC in determining their future price movements. For ETH, reclaiming $2,000 and holding the $1,670 and $1,540 levels are crucial for a bullish reversal. For BTC, holding $90,000 as support is essential for confirming a bullish trend. These insights provide valuable guidance for traders and investors navigating the volatile cryptocurrency market.