Analyst: ETH could start a strong rally if this resistance is overcome

Cryptocurrency analyst DonAlt stated in a recent strategy session that Ethereum continues to consolidate just below $1,935, which he described as a key resistance level. Further consolidation in current prices will eventually be followed by a breakout:

ETH is actually consolidating in an area where it is good because that resistance should really produce a downside move. He has done this several times so far, but none of them have been permanent. Bitcoin will soon move to the upside. It wouldn’t be nice if he didn’t. Then, after two, three or four weeks, I expect ETH to move up and break past $1,935. If ETH closes above $1,935 on the weekly timeframe, it will go much higher.

DonAlt also said that breaking above $1,935 on the weekly price timeframe could ignite a rapid rally and push ETH to a level last seen in May 2022, before the Terra ecosystem collapsed due to its collapse:

On the upside, if it closes above $1,935, it’s quite open to $2,500. It’s pretty much just empty air. Given that we’re stuck around $2,000 for so long, it seems perfectly logical to go up fairly quickly if we break through this resistance.