Ethereum, the second-largest cryptocurrency by market capitalization, looks ripe for a major rally according to Kyle Doop, host of the popular Youtube channel Crypto Banter. Doop sees Ethereum following in the footsteps of Bitcoin’s recent price surge.
“We’re going to compare Bitcoin as well to Ethereum a lot in the show because the potential thesis is that Ethereum will be next to run,” Doop stated in a recent video analyzing Ethereum’s price chart.
The analyst believes Ethereum could attract buyers who missed out on Bitcoin’s gains this year. “There’s a lot of people that start to look to things like Ethereum, right, because they missed out on the entire Bitcoin pump and then they start to look to some of the laggards,” he explained.
According to Doop, Ethereum needs to break above $2,000 to confirm its uptrend. “The real action starts to take place when Ethereum gets above the top side at $2,000. If Ethereum can successfully reclaim $2,000, which could happen sooner than you might think, then you would expect that altcoins would start to rally quite aggressively,” he said.
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Once Ethereum clears $2,000, Doop is watching for it to tackle downward trendline resistance around $2,175. “Ethereum needs to consolidate above that level. It’s still yet to break this downsloping trend line. Once it gets above that, next target becomes the range high at 2,176,” the analyst noted.
Doop believes Ethereum accumulation between $1,730 and $2,000 precedes the coming rally. “This is an accumulation phase for Ethereum into this zone over here, and we’ve just seen the little first move up,” he commented.
With Bitcoin dominance declining, Doop sees conditions aligning for Ethereum to begin outperforming. If its rally reaches $3,500, he expects to take profits. For now, crypto investors are closely monitoring Ethereum’s price action for signs the breakout is imminent.
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