Popular crypto trader DonAlt discusses what should happen for Ethereum price to move higher. You may be familiar with DonAlt for his accurate $6,100 Bitcoin prediction on March 28. Apart from that, the analyst also successfully predicted Bitcoin’s 44% rally at the beginning of January and the peak of BTC breaking above $10,300 on February 12. According to DonAlt, now might be a good time to wait for lower altcoin prices. The analyst thinks that Bitcoin movements should be followed for Ethereum.
Altcoin prices may come under pressure, according to DonAlt
The analyst’s predictions are that ETH is likely to underperform during a Bitcoin (BTC) boom, but will overperform later if the market experiences a “multiple-month uptrend”. For this, the analyst says:
As Bitcoin pumps enough, the risk will cause smaller market cap cryptocurrencies to decline, including Ethereum. From a technical perspective, the market is in a range between support (low-mid $3000) and resistance ($4000). Given the relative strength of the market and its close proximity to all-time highs, a breakout of a range is more likely than a breakout of a range. Triple peaks in general (Ethereum (ETH)) are not coercive resistance structures, especially those that occur at ATH levels.
Ethereum is trading at $4,112.19, up 8.14% for the week, according to data from Coinmarketcap. The largest altcoin by market cap, it registered an ATH level of $4,356 in mid-May. DonAlt thinks Bitcoin currently offers investors more downside advantages. To this he said:
If you longed Ethereum and it was the correct guess, you will probably make less money longing Bitcoin. If you longed Ethereum and it was the wrong guess, you will probably lose more money than longing Bitcoin. Our belief in this is not incredibly high, but the possibility of a dominant breakout in Bitcoin is remarkable. In our opinion, the time to return to Ethereum will come when the dust settles. A big drop in the Ethereum/Bitcoin pair would be a good time to start gambling.
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