Ethereum may soon resume its uptrend according to an analyst

A well-known crypto analyst known for predicting the fall of Bitcoin in 2022 now sees Ethereum returning to its peak values.

The analyst, who goes by the pseudonym Capo, expressed confidence in the potential of Ethereum , as long as it holds the $3,600 support level. He expects the price to rise to $4,100, followed by a minor decline, before possibly challenging its record high around $4,900.

Ethereum is currently trading at $3,700, showing a slight decline over the last day.

Capo also provided insights into the broader cryptocurrency market, suggesting that last Friday's correction was likely a strategic move to drive out the less committed investors (weak hands).

He believes that if Bitcoin stays above $69,000 and Ethereum stays above $3,600, the market will resume its uptrend.

Despite the recent market turmoil, Capo remains bullish on the altcoins' performance, expecting a strong rally in the coming month. He sees June as potentially very favorable for these smaller cryptocurrencies.