- Ethereum has seen some strongly bullish price moves in the past few days, with bulls setting off a massive upward move as the cryptocurrency rebounded against BTC
- Where there are short term trends should largely depend on whether or not bulls can close a high time frame candle around the current price level
- This would confirm an uptrend against the BTC trading pair of the cryptocurrency and potentially lead to another uptrend
- A trader recently stated in a tweet that ETH was about to hit new highs
- He believes they will likely come about quickly once the crypto breaks out against their bitcoin trading pair
Ethereum has seen some mixed price movements over the past few days and weeks, with buyers and sellers unable to gain serious control over the cryptocurrency price movements once they are consolidated.
It has seen a strong reaction to some attempts by sellers to push it to the lower $ 1,000 region, and this level is passionately defended.
Where there are mid-term trends should largely depend on whether or not bulls can protect themselves from further downward moves as it is in the process of building strength and momentum against its BTC pair which could start it higher – should it be maintained.
Ethereum wins against BTC when the uptrend starts
At the time of writing, Ethereum is trading a little over 6% from its current price of $ 1,245. This is a notable increase from the daily lows of $ 1,060 at the end of the recent sell-off.
It soared as high as $ 1,300 this morning before facing strong selling pressures that slowed its rise.
Whether or not it can soar higher in the short term should largely depend on its continued response to some key support levels and whether it continues to gain momentum versus Bitcoin.
Analyst: The ETH is expected to reach new highs in the short term
A trader recently stated in a tweet that he expects Ethereum to hit new highs in the near future if the crypto rally turns parabolic.
He notes that its increasing strength over Bitcoin, coupled with the fact that it has not actually broken out against BTC yet, suggests that an uptrend is imminent.
“One of the last glances at $ ETH in front of the new ATH – what an amazing ride it was + a gentle reminder that ETH / BTC hasn’t erupted yet.”
Image courtesy of CryptoRangutang. Source: ETHUSD on TradingView.
The coming days should shed some light on Ethereum’s medium-term prospects and whether it will be able to build enough strength to explode higher in the short term.
Featured image from Unsplash. TradingView charts.