- Ethereum saw a meteorite rally yesterday which allowed it to make some massive gains, with the bulls taking full control as they sent them to new highs
- The crypto is still struggling to get enough support to stay above its previous all-time high of $ 1,450, with selling pressures above that level being significant
- There is some consolidation just below this level now as Bitcoin rises higher
- There is a high probability that Bitcoin’s strength will at some point generate further tailwind for ETH
- One analyst notes that a daily close above $ 1,400 could position ETH for a massive uptrend in the coming week, noting that he sees $ 1,600 and $ 2,000 as near-term upside targets
Ethereum has been in a parabolic growth phase for the past few days. The crypto rally rose around 40% from its $ 1,080 low set a few days ago.
Those lows came along with the decline in the aggregate market last Thursday, but the v-shaped rebound that has formed in time since then has been encouraging.
One analyst now expects Ethereum to see a huge uptrend in the short term and notes that he is paying close attention to the fact that crypto will soar to $ 1,600 and $ 2,000 in the coming days and weeks.
Ethereum consolidates after Meteoric Rally
At the time of writing, Ethereum is trading just under 2% at its current price of $ 1,410. This is roughly the price the crypto has been trading at over the course of the past day.
Yesterday afternoon, the bulls took full control of ETH price action, flying it to highs of $ 1,475 – which meant new all-time highs.
The selling pressure proved to be very strong here and led to a strong rejection, which has since led to a phase of consolidation.
Buying pressures around $ 1,400 and below have been significant, meaning this consolidation could cause a breakout to new highs.
Analyst: ETH could be close to moving above $ 2,000
One analyst believes today’s daily close could propel Ethereum up, assuming it can close above $ 1,400.
“ETH / USD: If we look insane when we see a daily close above $ 1400, it’s an important dynamic we’re seeing, especially when the price deviates from its BTC pair and moves on its own. I think we’ll see $ 1600 before the week ends. I also think that $ 2000 could be marked soon. “
Image courtesy of Cactus. Source: BTCUSD on TradingView.
The coming days should shed some light on Ethereum’s prospects and clarify how Bitcoin’s ongoing bullish trend reversal will affect altcoins.
Featured image from Unsplash. TradingView charts.