A prominent trader and analyst, known as DonAlt, has made a bold prediction regarding Ethereum (ETH) in the cryptocurrency market. DonAlt, who accurately forecasted the bottom for Bitcoin (BTC) in 2022, believes that ETH could soon emerge as a top performer in the market.
In a recent video shared on the TechnicalRoundup YouTube channel, DonAlt expressed his confidence in ETH, stating that it is his top pick in the crypto market after Bitcoin. He highlighted that despite recent poor price action, ETH has the potential to rally significantly, similar to what Solana experienced when it surged from obscurity to $250.
DonAlt emphasized that ETH’s performance against Bitcoin (ETH/BTC) is crucial, noting that it is currently holding key historic support levels on the weekly chart. This indicates that ETH, as the top altcoin by market cap, still has a strong possibility of breaking out and outperforming other assets.
When reflecting on ETH’s price history, DonAlt pointed out that the cryptocurrency is trading at levels significantly higher than it was in 2015 and 2017 against Bitcoin. Although ETH did retrace its 2020 gains, DonAlt believes that the long-term potential of ETH remains promising, making it his top choice for investment in the crypto space.
As of the time of writing, ETH/BTC is trading at 0.01914 BTC ($1,856), showing a nearly 2% increase in the last 24 hours. This positive price action further supports DonAlt’s bullish outlook on Ethereum.
In conclusion, DonAlt’s optimistic stance on Ethereum highlights the potential for the cryptocurrency to outperform other assets in the market. With strong historical support levels and positive price momentum, ETH could be on track for a significant rally in the near future.
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Image credit: Midjourney.