Investors Might Be Overlooking Ethereum, Nicholas Merten Says | CryptoGazette
https://ift.tt/J0bSw78x4
Nicholas Merten just said that investors seem to be overlooking Ethereum these days.
ETH is not in a bear market
The online publication the Daily Hodl notes that the host of DataDash just said that Ethereum’s Bitcoin pair (ETH/BTC) is flashing signals that suggest it is nowhere near the beginning of a bear market.
“If we take a look at the broader trend here against Bitcoin – and again this is probably one of the biggest key signals that we are not in a bear market – that this is not a time per se to panic.”
He continued and said:
“All the while we’ve had this pullback, we’re setting in higher lows and generally consistent higher highs.”
Merten also explained that while an examination of ETH’s last few weeks may appear bleak, ETH is rebounding significantly faster than the king coin BTC.
“Since we’ve started to see a bit of a bump in the market for BTC, it’s not just Bitcoin leading the way. Ethereum is rebounding even quicker. Of those lows we saw back at the end of January, we’ve been continuing to charter higher…”
He also stated the following:
“It looks exactly like a repetition of what we’ve seen back the past couple of times during these corrections.”
Merten said that ETH could break out sometime in March, possibly flipping Bitcoin in a massive rally.
“We’re going to be having some kind of breakout, a squeezing, a kind of coiling if you will, of price against [the] resistance point where things can really start to leapfrog higher going into the rest of 2022.”
Merten also talked about the flippening as well – this is a reversal of ETH that is coming around the corner and flip BTC.
At the moment of writing this article, ETH is trading in the red and the coin is priced at $2,650.
Cryptocurrency
