After dropping a low at $36,300, bitcoin started to recover some value and now sits around $38,000. The altcoins are also in a significantly more positive situation today, led by Ethereum’s impressive increase that pushed ETH to a two-week high above $2,800.
Ethereum Price Has More Gains On Horizon
According to popular crypto researcher Nicholas Merten, investors are currently disregarding Ethereum, the dominant smart contract platform (ETH).
The host of DataDash informs his 507,000 subscribers in a new strategy session that Ethereum’s Bitcoin pair (ETH/BTC) is flashing signals that show it is nowhere near the start of a bear market.
He says ETH has had this pullback for a while now, and we’ve been putting in higher lows and typically continuous higher highs, and this shows that the token is nowhere near the bear market.
“Of those lows we saw back at the end of January, we’ve been continuing to charter higher… It looks exactly like a repetition of what we’ve seen back the past couple of times during these corrections.”
According to Merten, ETH might break out in March, perhaps turning Bitcoin into a major rise. He says, we’ll see a breakout, a squeezing, coiling, of price against resistance point, where things can really start to leapfrog higher heading into the second half of 2022.
And this is where we have a chance to see the ‘flippening.’ A complete reversal, with Ethereum emerging as the market’s top player, although for a limited time. Ethereum might be able to overtake Bitcoin and flip it.
Merten’s chart appears to show that he expects ETH might reach $10,000 in the mid to late 2022 timeframe.
Source: https://coinpedia.org/ethereum/ethereum-eth-price-to-hit-this-level-in-mid-2022/