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Ethereum

Does the Ethereum Merge Narrative Have More Upside? Popular Crypto Trader Looks at State of ETH

A intently 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 totally performed out.

“I feel typically, it’s extra prone to go to $2,500 from right here than it’s to go to $1,100… It appears to be like actually good to me nonetheless even on the month-to-month [timeframe]. Oftentimes with these varieties of conditions, if my goal is $2,000 one thing on the month-to-month, that simply signifies that I feel there’s a great likelihood we shut in that space, however we may wick increased. 

I feel there’s nonetheless room to go for ETH.” 

DonAlt additionally says that ETH’s current 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.

“Looking at the chart, you have a leg up [and] you have a little bit of a pullback. In comparison to Bitcoin, which looks absolutely atrocious… this looks like a normal orderly pullback from a resistance level that you would expect the pullback to come from. That’s why I’m not too worried.”

The crypto strategist can also be bullish on Ethereum towards Bitcoin (ETH/BTC). DonAlt tells his 422,600 Twitter followers that the pair has nearly recovered all of its losses throughout the peak of the crypto bear market.

“ETH replace:

Absolute unit, totally retraced the entirety of the bear market (in relative phrases)

Don’t actually see a great purpose why that power would disappear anytime quickly.

Just gonna be an ETH maxi till it begins shedding 0.066 [BTC] and goal new highs.”

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Source: DonAlt/Twitter

At time of writing, ETH is valued at $1,573, up 1.38% on the day.

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Featured Image: Shutterstock/pancha.me

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