A closely tracked crypto strategist is addressing whether Ethereum’s (ETH) merge narrative is already priced in.
In a new strategy session, pseudonymous crypto analyst DonAlt says he believes the narrative for ETH has not yet fully played out.
“I think in general, it’s more likely to go to $2,500 from here than it is to go to $1,100… It looks really good to me still even on the monthly [timeframe]. Oftentimes with these kinds of situations, if my target is $2,000 something on the monthly, that just means that I think there’s a good chance we close in that area, but we could wick higher.Â
I think there’s still room to go for ETH.”Â
DonAlt also says that ETH’s recent correction after hitting $2,000 last month is something to be expected considering that Ethereum rallied by over 100% from its 2022 low of below $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 is also bullish on Ethereum against Bitcoin (ETH/BTC). DonAlt tells his 422,600 Twitter followers that the pair has virtually recovered all of its losses during the height of the crypto bear market.
“ETH update:
Absolute unit, fully retraced the entirety of the bear market (in relative terms)
Don’t really see a good reason why that strength would disappear anytime soon.
Just gonna be an ETH maxi until it starts losing 0.066 [BTC] and target new highs.”
At time of writing, ETH is valued at $1,573, up 1.38% on the day.
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