Pseudonymous cryptocurrency trader DonAlt, who predicted Bitcoin’s price action in 2020 with enviable accuracy, claims that a pre-halving BTC rally would be a good opportunity to short Ethereum (ETH).
He points to the fact that the second-largest cryptocurrency by market cap is currently sitting at a major resistance on the weekly chart, which strengthens his bearish case.
Ethereum hits a major roadblock
Ethereum started 2020 with a bang by surging 112 percent in a span of seven weeks. It climbed to its yearly high of $287 on Feb. 14 when analysts were forecasting a moonshot to $440.
Things took a sinister turn when ETH recorded its largest drop to date of more than 50 percent on March 12 amidst broader market collapse.
While ETH did manage to recover from the crash, the trader doesn’t expect the top altcoin to further extend its rally together with BTC.
Bitcoin dominance surges
As reported by U.Today, DonAlt also predicted that the BTC Dominance Index (BDI) was in a clear uptrend.
This is quite refreshing for Bitcoin maximalists who had to watch altcoins eating away at the market share of the crypto king in early 2020.
Ethereum’s market share reached its highest level to date (31.17 percent) on June 19, 2017. At press time, it is only at 9.39 percent.
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