According to the analyst, the daily chart of the second-largest cryptocurrency by market capitalization currently looks like the cleanest one on the market. Ethereum is displaying a textbook setup — the coin has entered a consolidation phase immediately after confidently breaking through an important resistance level.
Ethereum has gained 30% in half a month. What's happening on the chart right now?
The trader began publicly building this position back on Aug. 13, when he openly stated that he was buying ETH at $1,878, noting that he had "waited long enough." Since then, the leading altcoin's price has increased by more than 30%, adding around $600 by the time it entered its current consolidation phase.
Earlier this month, DonAlt also 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 by DonAlt shows two key zones that determine the logic of the price movement. The $2,400 level has become the main support: after breaking above it, ETH consolidated within the green accumulation range between $2,454 and $2,492. The main target for buyers remains the medium-term resistance level at $2,815.68, marked by the red line.
The current decline in volatility and ETH's ability to hold above $2,400 indicate that buyers remain in control, while the asset is accumulating volume ahead of a new directional move.
Whichever direction ETH eventually takes after this period of calm, the rest of the altcoin market will follow, according to DonAlt.
