dailyhodl.com
A trader who rode last year’s crypto breakout thinks that Ethereum ($ETH) will continue to underperform unless something monumental takes place.
Pseudonymous analyst DonAlt tells his 535,700 followers on the social media platform X that he expects other altcoins to massively outperform Ethereum as soon as market conditions improve.
DonAlt believes Ethereum will continue to be a laggard until $ETH witnesses a catastrophic collapse.
“Everything down. $ETH down but $ETH down less.
Rejoice $ETH holders your time has come (Down in USD, up relative to the rest of the sh*tters).
I legit think this is the only way for $ETH to go up for a while.
Only if everything dumps can $ETH outperform. The moment things go up, others will just outshine it massively until we get a massive capitulation on $ETH, then it’ll start leading again probably.”
DonAlt has been bearish on $ETH since September of last year, tracking the performance of the leading altcoin against Bitcoin ($ETH/$BTC) when it was trading at 0.06 $BTC. Since then, the pair has lost nearly 20% of its value, now trading at 0.0487 $BTC ($3,382).
Looking at Bitcoin itself, DonAlt believes that $BTC’s current consolidation is setting the stage for the crypto king to print new all-time highs.
“Low timeframes look much better above $68,300. They look terrible below $65,000. Kind of a toss-up in between in my opinion.
The longer the range, the better for bulls, digesting the move from $30,000 to $60,000 by going sideways would pave the way toward $80,000+”
At time of writing, Bitcoin is worth $69,461.
Generated Image: Midjourney