Ethereum Surges Against Bitcoin as Bulls Try to Spark Price Discovery

Ethereum Surges Against Bitcoin as Bulls Try to Spark Price Discovery

  • Ethereum has seen some immense turmoil in the past few days and weeks, with both buyers and sellers vying to take control of its price movements
  • The cryptocurrency could not achieve a clear trend. Buyers kept them stable between $ 1,200 and $ 1,400 while sellers continued to hold their all-time highs
  • It has now tested and exceeded its all-time highs from late 2017 three times, but each one has faced massive selling pressure
  • This could indicate that bulls will have to see further bearish moves in the short term unless the entire market starts rising again
  • One trader notes that from a technical standpoint, ETH appears to be way stronger than BTC, which could mean it is positioned for a breakout

Ethereum has seen mixed price moves lately, with its weakness mainly driven by Bitcoin and its strong downward moves over the past few weeks.

Fortunately for the bulls, BTC was able to stay above $ 30,000 despite its weaknesses, which could be a good sign of where it is trending next.

While one analyst shared his thoughts on where the cryptocurrency could head next, he noted that Ethereum may be close to pricing as its strength against Bitcoin is noticeable.

Ethereum is rebounding as the wider crypto market rebounds

Yesterday was a bad day for BTC and the rest of the crypto market. Bears caused an intense sell-off, led by Bitcoin’s multiple breaks below $ 30,000.

Today the market has stabilized and Ethereum has gained some momentum.

At the time of writing, ETH is trading just under 8% at its current price of $ 1,340, which is only a slight decrease from its daily high of $ 1,360.

Trader claims ETH could see pricing as a strength

A trader recently stated in a tweet that Ethereum could see a price discovery soon due to its immense strength against Bitcoin.

“The ETH looks much better than the BTC rn. Consolidation in an upward channel. An acceptance via VAH would lead to another pricing + old season. D just below POC would bring it to VAL. “

Image courtesy of the Byzantine general. Source: ETHUSD on TradingView.

Where the next market trends will undoubtedly depend on Bitcoin, but if it can stabilize, Ethereum and other altcoins could explode higher.

Featured image from Unsplash. TradingView charts.

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