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.
I think there’s still room to go for ETH.”
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.
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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