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A leading cryptocurrency analyst predicted on Monday a bullish breakout for Ethereum (CRYPTO: ETH) if it closes above the crucial resistance at $2,375.
Why The Level Holds Significance
In an X post, Ali Martinez highlighted ETH testing the upper resistance of a descending 4-hour channel at $2,375, a level that previously triggered rejections.
“Failure to clear this barrier could trigger a retracement to the channel’s lower boundary, currently near $2,210,” Martinez projected. “However, if ETH gains the strength to print a daily close above the $2,375 resistance, a 7% bullish breakout could follow, targeting the next structural high at $2,550.
Martinez added that repeated tests weaken resistance.
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