Significant Drop in Cryptocurrency Prices

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Cryptocurrencies have experienced a significant drop in the past few minutes. Bitcoin lost its $69,000 level and fell to $65,673. While this was happening, attention shifted to high-volume altcoins like Ethereum. Ethereum’s price dropped to $3,285.47 during this period. In the past hours, an analyst shared his views on Ethereum.

Analyst’s Commentary on Ethereum

A well-known crypto analyst in the cryptocurrency world predicted that Ethereum (ETH) could reach its all-time high (ATH) within a few days.

Criptopaul, on social media platform X, highlighted that after the halving event, which cuts BTC miners’ rewards in half, Ethereum historically outperformed Bitcoin (ETH/BTC) in the following month.

While the next halving is expected around April 19, the analyst said:

The halving has arrived and historically it has always been a junction for an altcoin explosion and a reversal in ETH/BTC. Are you ready? I also expect a new ETH ATH within 30 days.

ETH/BTC is currently trading at 0.05017 BTC ($3,285) as of writing and has seen a decline of over 2% in the last 24 hours. Ethereum reached its all-time high of $4,900 back in 2021.

The trader also emphasized that other altcoins are expected to start new rallies this month.

Some altcoins are catching their breath again, this was before the second leg, the third phase is coming soon with new ATHs everywhere. I’m just holding.

Will Dogecoin (DOGE) Rise?

One altcoin that caught the trader’s attention was the undisputed best meme token by volume, Dogecoin (DOGE). The analyst believes DOGE is making a price movement similar to the one it made around $0.01, now at the $0.20 level, before a major rally.

The trader shared a chart suggesting that if the formation repeats, DOGE could witness a parabolic rally (see below).

DOGE: What could go wrong?

The trader also made an optimistic comment that it’s within the realm of possibility for Dogecoin to surpass Ethereum’s (ETH) market value during this cycle.

I wouldn’t be surprised to see Dogecoin overtake Ethereum during this bull run. You’ll laugh here too, just like you did with my $9 Solana article on December 30, 2022, but I’m not joking – again.

As of writing, DOGE continues to trade at $0.1864 after a 7.22% drop, still far from its ATH level.