DonAlt Highlights Weakening Technical Structure of Ethereum
DonAlt, a well-known analyst who accurately predicted the November 2022 drop in Bitcoin 
$94,666, recently highlighted the weakening technical structure of Ethereum 
$1,790 in his new analysis. His evaluation, based on current market data, underscores significant support levels for both Ethereum and Bitcoin.
Critical $2,000 Threshold for Ethereum
DonAlt analyzed Ethereum’s weekly charts, noting that its technical outlook has become highly fragmented. According to him, for a positive scenario to unfold, the $2,000 level must first regain strong support. The analyst believes that surpassing this level could signify the start of a long-awaited market turnaround. However, current price movements indicate that Ethereum is struggling to break past this threshold. Recent declines suggest that aggressive selling pressure is dominating in the short term. DonAlt stated, “The ETH chart has broken into many pieces. Regaining the $2,000 level could be a positive signal,” urging investors to keep this level on their radar.
$90,000 Test for Bitcoin
On the Bitcoin front, DonAlt indicated that maintaining the $90,000 level on the weekly chart is a very positive sign for the market. This level has the potential to transition from a significant resistance to support, both psychologically and technically. However, the analyst stressed that a closure below $89,000 should be monitored closely. Such a scenario could affect investor psychology, triggering a potential correction. Therefore, tracking BTC price movements on a weekly closing basis is crucial.
Additionally, DonAlt pointed out two critical support levels on Ethereum’s daily chart: $1,670 and $1,540. He warned that falling below these levels could lead to further market deterioration. According to market data, Ethereum is currently trading around $1,764, reflecting a 2.2% decline in the past 24 hours. This drop necessitates a more cautious approach from investors in their short-term plans. Bitcoin is hovering around the $93,500 mark. While there has not been significant daily volatility, the monitored support levels in technical analyses continue to play a decisive role in shaping investor strategies.
According to DonAlt, maintaining the specified support levels for both Ethereum and Bitcoin could be crucial in determining market trend directions. He emphasized that these points should be closely monitored.
