Alex Krüger says that Ethereum will trade at its all-time high in the current bull market, which stands at $4,900, despite a recent dip that has seen it struggling to stay above $3,000.
He, however, advises investors to move their capital from Ethereum due to the correction and invest in “higher-quality faster horses” including Worldcoin, Solana, and Toncoin.

Ethereum has shed 13.7% in the past week and is currently struggling to trade above the $3,000 price level. However, according to one leading crypto analyst, the top altcoin will hit its all-time high in the current bull run despite the short-term upheavals, backing analysis from Crypto News Flash that ETH could be set to implode as Hong Kong approves ETF.

Alex Kruger took to X to share his analysis, telling his 171,000 followers that he “fully expects Ether to trade [its]ATH.” He added:

I am long ETH. I use ETH. It is useful. It is decent collateral and great for staking. ETH underperforms though.

Kruger advises ETH owners to turn to staking their crypto, noting, “The reason is simple. Most people in crypto already own too much ETH. I’ve been talking about this for a long time. Ethereum maxis get upset of course. Don’t be a maxi. It will only cost you money.”

At press time, ETH trades at $3,053, losing 2.56% in the past day in line with a broader market correction that has seen BNB lose 5% while Toncoin and Solana shed 10% in the past day. Collectively, the crypto market has shed $430 billion in the past week.

While the price has dipped in the past week, network activity in Ethereum has been on a sharp downtrend since March 25. After setting a two-month high at 1.32 million daily transactions, activity has decreased to hit 1.2 million on Monday, April 15. Active addresses have also dipped by over 90,000 while the daily on-chain volume hit a monthly at $4.49 billion on April 7.

Kruger: Reallocate Capital From Ethereum to Worldcoin, Solana

While he’s confident that Ethereum will hit a new high in the current bull market, Kruger advises traders to diversify from the top altcoin for short-term gains. He stated:

If you are too heavily allocated to ETH, the time to rebalance your portfolio is during market crashes, as I suggested yesterday. Relative performance matters.

In an earlier tweet, the analyst advised moving some capital from ETH to “higher quality faster horses.” He singled out Solana, Worldcoin, Toncoin, and Bittensor as great alternatives in the short term.

However, of these tokens, only Worldcoin’s WLD is up in the past day, with Bittensor’s TAO losing 15%, Toncoin’s TON shedding 10.5% and Solana’s SOL dipping  9.57%.

Away from the altcoins, Kruger says Bitcoin still has heights to scale despite the recent pullback. He shared the chart below and told his followers:

Hope you can understand how bullish this BTC chart is. The only thing that has changed is the market is now much healthier after a proper cleansing. Everyone is now talking about what an obvious top it was. That is nonsense. Hindsight bias.

 

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Filed under: Bitcoin - @ April 17, 2024 12:06 am