Veteran Crypto Analyst Bears Bad News for Ethereum Holders – But There’s a Big Catch

Trader and crypto veteran with over 500k followers on X (Twitter) DonAlt has expressed significant concerns about Ethereum’s underperformance against Bitcoin in recent months. He notes that Ethereum has “massively underperformed” Bitcoin and its ratio has declined significantly.

DonAlt states he will assume this underperformance will continue until Ethereum can shift the market structure by posting a higher high and higher low against Bitcoin. Until that point, he is targeting a further decline in the ETH/BTC ratio to around 0.05.

Ethereum recently broke out above the upper trendline of a falling wedge pattern. This type of pattern typically results in a bullish breakout, with the price expected to trend higher once the upper trendline is broken. Some swing traders may seek to trade the converging trendlines of the pattern before a breakout. However, most analysts recommend waiting for a confirmed breakout and close above the pattern before going long.

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In terms of momentum indicators, the MACD line remains above the signal line, which is bullish. However, the RSI is showing a neutral reading around 50. Additionally, the MACD histogram bars are declining, suggesting bullish momentum may be fading. Overall, momentum signals remain mixed for Ethereum. While the pattern breakout is positive, momentum indicators are not yet confirming continued upside.

While momentum indicators like the MACD and RSI remain mixed, Ethereum has shown some bullish signals like breaking above the falling wedge pattern. The $1,800 level, which aligns with the 200-day moving average, remains a key resistance zone to watch.

Overall, while DonAlt makes some valid arguments about Ethereum’s concerning underperformance against Bitcoin, other analysts see emerging signs of a potential bullish reversal in Ethereum’s technical setup. However, Ethereum likely needs to shift the market structure and start outperforming Bitcoin to negate DonAlt’s bearish outlook.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.