More analysts are revealing some pretty bullish predictions for Ethereum these days. The latest one is Nicholas Merten. Check out what he says about the second market-cap coin on CMC.
ETH to outperform BTC
He says Ethereum (ETH) is flashing an “incredibly bullish” technical pattern against Bitcoin (BTC).
Merten recently made sure to highlight the fact that ETH recently hit its highest level against Bitcoin since May 2018.
“This is incredibly bullish. You guys have to be able to look at this chart and realize that this type of technical pattern — a first initial super breakout here in price, after having multiple higher lows and higher highs, getting out of the capitulation or accumulation phase… This is an incredibly bullish chart.”
He also said the following:
“You could remove the labels, you could remove ETH/BTC, whatever, I don’t care. If I look at this chart, I’m telling you guys — it’s bullish, plain and simple.”
Merten also made sure to highlight the fact that Ethereum is not going to go to $20,000 overnight.
On the other hand, it’s important to note that he predicted that overall altcoin dominance of the crypto market could hit an all-time high next month, four years after a previous all-time high was set in January 2018.
“Institutions, whales, everyday investors, all of us are watching these kinds of metrics, and it’s making us start to rethink that maybe alternative layer ones aren’t the only value proposition to watch for in the market. Maybe just being long Bitcoin isn’t the best take.”
At the moment of writing this article, ETH is trading in the red and the coin is priced just a little above $4,200.
Also, there are more ETH challengers that are getting ready to reach new ATHs.
For instance, pseudonymous trader Credible said that he is keeping an eye on smart contract platform and Ethereum (ETH) competitor Solana (SOL).
Credible believes SOL will rally to new record highs to around $300 by early 2022.