Does the Ethereum Merge Narrative Have More Upside? Popular Crypto Trader Looks at State of ETH

A closely tracked crypto strategist is addressing whether Ethereum’s (ETH) merge narrative is already priced in.

In a new strategy session, pseudonymous crypto analyst DonAlt says he believes the narrative for ETH has not yet fully played out.

“I think in general, it’s more likely to go to $2,500 from here than it is to go to $1,100… It looks really good to me still even on the monthly [timeframe]. Oftentimes with these kinds of situations, if my target is $2,000 something on the monthly, that just means that I think there’s a good chance we close in that area, but we could wick higher. 

I think there’s still room to go for ETH.” 

DonAlt also says that ETH’s recent correction after hitting $2,000 last month is something to be expected considering that Ethereum rallied by over 100% from its 2022 low of below $900.

“Looking at the chart, you have a leg up [and] you have a little bit of a pullback. In comparison to Bitcoin, which looks absolutely atrocious… this looks like a normal orderly pullback from a resistance level that you would expect the pullback to come from. That’s why I’m not too worried.”

The crypto strategist is also bullish on Ethereum against Bitcoin (ETH/BTC). DonAlt tells his 422,600 Twitter followers that the pair has virtually recovered all of its losses during the height of the crypto bear market.

“ETH update:

Absolute unit, fully retraced the entirety of the bear market (in relative terms)

Don’t really see a good reason why that strength would disappear anytime soon.

Just gonna be an ETH maxi until it starts losing 0.066 [BTC] and target new highs.”

Source: DonAlt/Twitter

At time of writing, ETH is valued at $1,573, up 1.38% on the day.

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