Analyst DonAlt, known for forecasting the Bitcoin bottom in 2022, suggests that Ethereum could emerge as a leading player in the crypto market. He believes that ETH is currently undervalued just like Solana was during its price decline, but has potential, particularly as it holds key support levels against Bitcoin. As ETH/BTC rises to $1,856, DonAlt maintains ETH is his top choice after Bitcoin.
A well-known trader and analyst, recognised for predicting the Bitcoin bottom last year, has recently expressed optimism about Ethereum, commonly referred to as ETH. The analyst, known by the alias DonAlt, shared his insights with 66,300 followers on the TechnicalRoundup YouTube channel, stating that he considers ETH a strong contender in the crypto market, second only to Bitcoin (BTC).
DonAlt believes the general perception of Ethereum is skewed due to its recent price struggles. He compares ETH’s current situation to that of Solana, which faced significant negativity when its price faltered. Back then, many dismissed Solana’s potential, but it later surged dramatically. DonAlt argues that Ethereum is similarly undervalued at the moment, although he acknowledges Solana is currently attracting some investment that might otherwise flow to ETH.
He highlighted that the ETH/BTC trading pair is currently holding onto crucial historical support levels, which could signify an upcoming bullish trend for Ethereum. According to DonAlt, looking back at the price dynamics, ETH still trades at significantly higher multiples compared to its values in both 2015 and 2017. Despite retracing some of its gains from 2020, he insists that the long-term outlook for ETH remains positive, especially when viewed against Bitcoin.
The analyst reiterated, “If I had to select any asset besides Bitcoin for the long haul, it would undoubtedly be ETH.” As of now, the ETH/BTC pair is trading at 0.01914 BTC, valued at approximately $1,856, having risen nearly 2% in the past 24 hours.
In related updates, it’s worth noting that The Daily Hodl advises readers to approach cryptocurrency investments with caution. The publication emphasises conducting thorough research before engaging in potentially high-risk ventures in the crypto realm, making it clear that individual transactions are the responsibility of the investors involved.
