Does the Ethereum Merge Narrative Have More Upside? Popular Crypto Trader Looks at State of ETH
A carefully tracked crypto strategist is addressing whether or not Ethereum’s (ETH) merge narrative is already priced in.
In a brand new technique session, pseudonymous crypto analyst DonAlt says he believes the narrative for ETH has not but absolutely performed out.
“I believe basically, it’s extra prone to go to $2,500 from right here than it’s to go to $1,100… It seems to be actually good to me nonetheless even on the month-to-month [timeframe]. Oftentimes with these sorts of conditions, if my goal is $2,000 one thing on the month-to-month, that simply signifies that I believe there’s a very good probability we shut in that space, however we might wick increased.
I believe there’s nonetheless room to go for ETH.”
DonAlt additionally says that ETH’s latest correction after hitting $2,000 final month is one thing to be anticipated contemplating that Ethereum rallied by over 100% from its 2022 low of beneath $900.
“Trying on the chart, you could have a leg up [and] you could have a little bit little bit of a pullback. Compared to Bitcoin, which seems to be completely atrocious… this seems to be like a standard orderly pullback from a resistance stage that you’d anticipate the pullback to return from. That’s why I’m not too fearful.”
The crypto strategist can be bullish on Ethereum in opposition to Bitcoin (ETH/BTC). DonAlt tells his 422,600 Twitter followers that the pair has nearly recovered all of its losses through the top of the crypto bear market.
“ETH replace:
Absolute unit, absolutely retraced the whole lot of the bear market (in relative phrases)
Don’t actually see a very good cause why that power would disappear anytime quickly.
Simply gonna be an ETH maxi till it begins shedding 0.066 [BTC] and goal new highs.”
At time of writing, ETH is valued at $1,573, up 1.38% on the day.
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