Prominent crypto analyst Nicholas Mertenexamined two Tier-1 digital assets stacked against the Ethereum (ETH) trading pair.
Analyst, smart contract platforms Avalanche (AVAX) and Left (LEFT) He shared his views on where he was going.
According to Merten, it would be much better to interpret both coins against ETH rather than the US dollar or Bitcoin (BTC), as Ethereum’s greater success in recent years has made it a better barometer than Bitcoin.
“If you want to see if your project is outpacing its competitors in the market, you should take a look at Ethereum. ETH is the second largest cryptocurrency in this space and has outstripped Bitcoin by around 380% to 400% in this cycle alone since 2019.
That’s why we want to be able to find “games (projects)” that are outperforming Ethereum because Ethereum is a really solid bet. It’s a really good game with medium risk, medium reward.”
Analyst reviewing AVAX stated that after the altcoin’s massive rally over the past few months, there could be a local top for AVAX against ETH.
“Avalanche has done exceptionally well against Ethereum. If you take a look here since August, it’s up 422% against Ethereum. A great rally continues even after the (final) pullback here.
Looking at this chart I definitely like to see an asset performing well against Ethereum, but historically I’ve been in this range. [0.034 ETH veya 139.21 dolar] every time it came, the price went down…
I think we might see some kind of relapse, or at least back to the previous support range. [0.014 ETH veya 57.32 dolar] I think we can come again, which means there will probably be a drop of 35% to just over 40% against Ethereum. This decrease is quite reasonable, acceptable.”
At the time of analysis, AVAX was down 1% on the day to trade at $107.20.
As for Solana’s price action against Ethereum; Merten stated that after major rallies in the last 18 months, the pair showed a downward trend.
“But to be completely honest as a trader, Solana has had many acts in the past. Here (July to August 2020) one happened, a 336% rally in price. then here [Aralık 2020]If you want to trade at the lows, then a 1,000% move has multiplied the price enormously.
here too [Ağustos 2021] We take a look back at the last rally to September, very similar to the past, a rally of just over 350% to 400%, not bad at all.
But to be completely honest, we’ve generally been stagnant since September. The trend is starting to fade here. We don’t have the same momentum and we’ll see if it can hold up against Ethereum.
If you fall below this range [0.046 ETH veya 188 dolar]“I think it’s very positive that Ethereum is starting to outpace Solana and other major Tier-1 projects.”
Solana (SOL) was down 10% at $203.79 at the time of analysis.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.