Il Capo of Crypto, one of the most well-known analysts in the cryptocurrency world, evaluated Ethereum following the latest developments in the market.
The analyst described the current setup in Ethereum price as simple. According to il Capo, ETH price has entered a consolidation phase after breaking through the major $3,300 resistance and is preparing before its next upward bounce. il Capo said his main scenario is a climb to an all-time high price level for ETH.
In addition, il Capo also shared a situation where the bull scenario could be invalidated. According to the analyst, the bull scenario may be invalidated if the ETH price falls below the $3650 level and heads towards around $3,500.
ETH price broke the all-time high price record with $ 4,891 in November 2021.
il Capo has had pro-bear views in the past that have been described by some critics as extreme. il Capo claimed that the market rise was artificially inflated by Binance and that the Bitcoin price would drop to $12,000. However, lately the analyst has not expressed these views much and draws a more bullish outlook.
il Capo has more than 500 thousand followers on the social media platform X.
*This is not investment advice.