Scott Redler, chief strategist officer at T3 Trading Group, argues that the price of Ethereum (ETH) is on course to hit the $2,100 level.
If Redler is correct, his bullish price target means that the second largest cryptocurrency is on track to spike by another 10%.
Image by tradingview.com
The technical analyst is confident that the second largest cryptocurrency may march higher after it recently cleared the $1,792 level. Holding above that pivotal price point could subsequently open the door to the $2,100 level.
In addition, Redler believes that Bitcoin is on its way to reclaiming the $26,000 level.
Ethereum recently experienced a significant relief rally in the run-up to the highly anticipated Merge event. Goerli, the last of the three testnets, successfully transitioned to proof of stake earlier today, which was the final test before the Ethereum mainnet finally merges with the Beacon Chain in September.
Leading cryptocurrencies also benefited from cooler-than-expected inflation data, together with U.S. stock and bond prices.
As reported by U.Today, Redler accurately predicted that Ethereum would collapse below $1,400 in early June.
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reported by U.Today
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