Famous crypto analyst Nicholas Merten, who shared his analyzes with his followers on the DataDash youtube channel, which has close to half a million subscribers, focused on two Layer 1 cryptocurrencies positioned against Ethereum (ETH). Here are the analyst's views on Avalanche (AVAX) and Solana (SOL).
AVAX Does an Outstanding Job Against ETH
Looking at AVAX, Merten says there could be a local top for AVAX against ETH after the altcoin's massive rally over the past few months. The analyst says:
“Avalanche has done extraordinarily well against Ethereum. As of the summer, it's up 422% against Ethereum. Looking at this chart I definitely like to see a crypto asset performing well against Ethereum, but historically it's in this range [0.034 ETH or Every time $139.21] came in, it pulled down… I think we might see some kind of revisit again, or at least revisit the previous support range, which means it's probably going to be a little over 35% to 40% lower against Ethereum.”
Parity Shows Downtrend on SOL
As for Solana's price action against Ethereum, Merten states that the pair has shown a bearish bias after hitting massive rallies in the last 18 months. Merten continues:
“Solana has had many rallies in the past. 336% rally in price from July to August 2020. December 2020 rally 1,000% move, huge multiples of price. The August 2021 rally is just over 350% to 400%. The trend is starting to fade here. We don't have the same momentum and we'll see if it can hold up against Ethereum. If you go below this range here [$0.046 ETH or $188], I think it's very positive that Ethereum is starting to outpace Solana and other main layer-1 games."