Ethereum Price Action Sets Stage for Industry-wide Trends
Popular cryptocurrency trader DonAlt believes that Ethereum's price action will be the main leading indicator for the industry in the coming weeks. According to him, the ETHUSD daily chart is currently displaying a 'cleanest chart in crypto right now.'
The clean consolidation after breaking through an important resistance level is exactly what you'd like to see, DonAlt stressed. Ethereum has gained 30% in half a month and its price has increased by more than $600 since the trader started buying it at $1,878 on August 13.
DonAlt outlined long-term targets for Ethereum around $4,000, although he admitted that taking profit at $3,000 would be perfectly acceptable to him. The current setup shows two key zones that determine the logic of the price movement: the main support at $2,400 and the medium-term resistance level at $2,815.68.