A trader who rode last year’s crypto breakout thinks that Ethereum (ETH) will continue to underperform unless something monumental takes place.
Pseudonymous analyst DonAlt tells his 535,700 followers on the social media platform X that he expects other altcoins to massively outperform Ethereum as soon as market conditions improve.
DonAlt believes Ethereum will continue to be a laggard until ETH witnesses a catastrophic collapse.
“Everything down. ETH down but ETH down less.
Rejoice ETH holders your time has come (Down in USD, up relative to the rest of the sh*tters).
I legit think this is the only way for ETH to go up for a while.
Only if everything dumps can ETH outperform. The moment things go up, others will just outshine it massively until we get a massive capitulation on ETH, then it’ll start leading again probably.”
DonAlt has been bearish on ETH since September of last year, tracking the performance of the leading altcoin against Bitcoin (ETH/BTC) when it was trading at 0.06 BTC. Since then, the pair has lost nearly 20% of its value, now trading at 0.0487 BTC ($3,382).
Looking at Bitcoin itself, DonAlt believes that BTC’s current consolidation is setting the stage for the crypto king to print new all-time highs.
“Low timeframes look much better above $68,300. They look terrible below $65,000. Kind of a toss-up in between in my opinion.
The longer the range, the better for bulls, digesting the move from $30,000 to $60,000 by going sideways would pave the way toward $80,000+”
At time of writing, Bitcoin is worth $69,461.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
Read the full article here
