Ethereum Expected to Lag Behind, Bitcoin Consolidation Continues
A trader who benefited from last year's cryptocurrency surge suggests that Ethereum (ETH) may continue to lag behind unless significant developments occur.
DonAlt expressed his belief that other altcoins will outperform Ethereum once market conditions improve.
According to DonAlt, Ethereum’s performance will likely remain subdued until it experiences a major downturn.
He stated, “While everything is down, ETH is down, but relatively less. This may be a positive sign for ETH holders as it shows relative strength compared to other cryptocurrencies.”
DonAlt has held a bearish outlook on ETH since September of the previous year, monitoring its performance against Bitcoin (ETH/BTC) when it was trading at 0.06 BTC. Since then, the pair has lost approximately 20% of its value, now trading at 0.0487 BTC ($3,382).
$ETH update:
Shit breakout, time to look for shorts IMO pic.twitter.com/SLuNFW6zLO
— DonAlt (@CryptoDonAlt) March 5, 2024
Regarding Bitcoin, DonAlt believes that its current consolidation phase could pave the way for new all-time highs.
READ MORE: JPMorgan Optimistic on Ethereum ETF Approval by SEC
“Bitcoin’s short-term outlook improves above $68,300 and worsens below $65,000. The range in between is uncertain. However, longer consolidation periods favor bullish sentiment, potentially leading to prices surpassing $80,000,” he added.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
