The drop in Bitcoin (BTC) price below $33,000 last week was met with a healthy buying sentiment, reaching $39,300 on Feb. On the other hand, the leading altcoin Ethereum (ETH) is up 6.24% from last week against Bitcoin. Popular crypto analyst Nicholas Merten says investors are currently overlooking the leading smart contract platform Ethereum (ETH). Analyst’s recent posts and technical analysis cryptocoin.com compiled for our readers.
Ethereum wakes from sleep
In a new Youtube video, Nicholas Merten says that Ethereum’s Bitcoin pair (ETH/BTC) is signaling that it is not near the start of a bear market:
If we look at the broader trend against Bitcoin here – and again this is probably one of the biggest key signals that we are not in a bear market – this is not the time to panic. During the time we experience this pullback, we tune in to higher lows and often consistent highs.
Leading altcoin can recover faster than Bitcoin
Merten then says that while a review of ETH’s past few weeks may seem pessimistic, the second-largest cryptocurrency by market cap is recovering significantly faster than the leading Bitcoin:
Bitcoin isn’t the only one taking the lead since we started seeing some gains in the BTC market. Ethereum is recovering even faster. From the lows we saw at the end of January, we continue to lease higher. This seems to be an exact replica of what we’ve seen the last few times during fixes.
Merten says that ETH could break out in March and possibly catch up with Bitcoin with a massive rally:
As we move forward through the rest of 2022, we’re going to experience some kind of breaking, pinching, kind of curling against the point of resistance where things can really start to jump higher. At this point, I really think we have a chance to see the ‘return’. A real comeback of Ethereum emerging as the top player in the market, albeit probably for a short time…Ethereum could surpass Bitcoin.
Merten’s chart shows that he believes ETH could reach as high as $10,000 at some point in the mid-to-end of 2022. Ethereum is trading at $2,637.71 at the time of writing, up 14% from a seven-day low of $2,353.
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