A trader and analyst who accurately predicted the Bitcoin (BTC) bottom in 2022 says that Ethereum (ETH) may suddenly emerge as a top market performer.
In a new video, the trader pseudonymously known as DonAlt tells the 66,300 subscribers of the TechnicalRoundup YouTube channel that ETH is his top pick in the crypto market, other than Bitcoin.
"I like the chances of ETH. I think people are underestimating ETH just because it’s had bad price action, the same way people were [trash] talking Solana when it had bad price action, not because the coin was bad, just because of bad price action, like people were just joking about Solana all the time when it was trading below two digits, and then it went from nothing basically to $250. I think ETH is in a somewhat similar situation, but obviously Solana is taking a little bit of a bid away from from ETH."
He also says that ETH against Bitcoin (ETH/BTC) is holding key historic support levels on the weekly chart, indicating the top altcoin by market cap still has a good chance of a breakout.
"When you look at the price history of ETH, it’s still trading multiples above where it traded against Bitcoin in 2015. It’s still trading multiples above where it was trading in 2017. It did retrace the 2020 move, which is quite a big deal. But I generally think people are just like, Oh yeah, look at that. And then they ignore all the left side... [ETH/BTC is] not the worst. It’s obviously not great. But this is not the worst. If I had to pick one asset other than Bitcoin in crypto for the long term, it would still be ETH for me."
ETH/BTC is trading for 0.01914 BTC ($1,856) at time of writing, up nearly 2% in the last 24 hours.
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