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A well-known cryptocurrency trader who predicted the fall of the market’s flagship last year has voiced his forecast for the future of the main altcoin. According to DonAlt, ethereum may experience a deep devaluation before it reaches the bottom of the cycle.
In a new episode of TechnicalRoundup, the crypto analyst told his 53,300 YouTube subscribers that ETH $2,424.81 Ethereum -3.10% Market capitalization $292.63 billion VOL. 24 hours $0.89 billion could be on the verge of a fall against bitcoin (ETH/BTC). According to DonAlt, it’s better to see the ETH/BTC pair experience a massive sell-off than a slow decline over the course of months.
«In general, ETH/BTC is accelerating [в бік зниження] right now, as it has been in the last few weeks, and I think that’s good. It’s better than the capital outflows we had before. I think we’re two weeks away from the bottom of the market,» the trader said.
Regarding the state of affairs of the BTC, DonAlt believes that for a full-scale bull rally, bitcoin needs to overcome an important resistance level of about $ 33,000. However, the expert emphasized that after reaching $ 33,000, a small correctional wave will follow, so investors should not panic. The analyst is convinced that a breakthrough of resistance at $ 33,000 could raise the price of bitcoin to $ 50,000. After that, a pullback to $ 30,000 is expected and the price will reach a historic high in the future.
As a reminder, Matrixport analyst Біллі Маркус" href="https://noworries.news/biography/billi-markus/" data-bio-id="3704">Marcus Thielen believes that altcoins are facing an apocalypse. The expert has recently published a report on cryptocurrencies titled «The Coming Collapse of Altcoins.» The crypto expert predicts a huge fall of Ethereum and other virtual coins.
The crypto expert emphasized that if ETH falls below $ 1500, the digital asset could eventually drop to $ 1000. «A decline below $ 1500 could bring back the idea that Ethereum could drop to $ 1000, a level that would seem justified based on the revenue forecast for the Ethereum ecosystem ,» Thielen emphasized.