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A trader who nailed the 2024 Bitcoin (BTC) correction believes that Ethereum (ETH) is one dip away from a rally to a new record high level.
Pseudonymous analyst Rekt Capital tells his 558,500 followers on X that he thinks Ethereum needs to flip resistance at $4,613 into support to set the stage for a breakout rally to a new all-time high.
“Ethereum rejected into the Weekly CME Gap at ~$4,000 before rallying into ~$4,750.
Ethereum is now once again trying to position itself for a reclaim of ~$4,631 (black) into new support to confirm upside into Price Discovery.”
Source: Rekt Capital/X
At time of writing, Ethereum is trading for $4,524.
Looking at Bitcoin, Rekt Capital warns on a YouTube video update that he believes BTC is in the “final stages” of its bull market.
“We’re really in the final innings and final stages of this bull market. Many people are, of course, talking about an extended phase, an extended cycle but it does look like we’re slowly coming out of this corrective period and slowly going to be transitioning into that final uptrend to new all-time highs before slowly but surely descending into a bear market.”
But for now, he thinks Bitcoin is setting up for new rallies after respecting $114,000 as support.
“So far, so good.
~$114,000 is showcasing initial signs of being retested as support.
Still early in the week but promising early signs.”
Source: Rekt Capital/X
At time of writing, Bitcoin is worth $115,442.
As for Sui (SUI), Rekt Capital thinks the altcoin is flashing a bullish signal after flipping two resistances into support.
“SUI continues to successfully post-breakout retest of the top of its Macro Triangle into new support.
Meanwhile, SOL has just broken out to $245.
Historically, Solana breakouts have preceded breakouts in SUI’s price action as well.”
Source: Rekt Capital/X
At time of writing, SUI is trading for $3.51.
