Merten: Traders Should Not Ignore Ethereum, Predicts A Rally For March

A top crypto analyst Nicholas Merten looks into the state of Ethereum (ETH) and warns traders not to miss out on the leading smart contract platform.

In a recent video update, Merten shared with the 507,000 subscribers to DataDash YouTube channel that Ethereum against Bitcoin (ETH/BTC) is showing signs that 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.

All the while we’ve had this pullback, we’re setting in higher lows and generally consistent higher highs.”

According to the analyst looking into ETH performance for last few weeks, might seem a bit dull, but Ethereum is recovering much faster than leader Bitcoin.

“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…

It looks exactly like a repetition of what we’ve seen back the past couple of times during these corrections.”

Regarding the timing for ETH breakout, the analyst believes it could happen sometime in March, also potentially flipping Bitcoin in the process.

“We’re going to be having some kind of breakout, a squeezing, a kind of coiling if you will, of price against resistance point where things can really start to leapfrog higher going into the rest of 2022.

And this is where I really think genuinely that we’ve got a chance to be able to see the ‘flippening.’ A real reversal of Ethereum coming up as the top player in the market albeit probably for a short while…Ethereum might be able to come up and flip Bitcoin.”

According to the analyst’s chart, ETH could rally as high as $10,000 at some point in mid to late 2022.

At the time of writing, ETH trades at $2,700 with 8.7% upside on the weekly chart.