- Ethereum saw a massive breakout rally today that took place alongside Bitcoin
- The rise in BTC from $ 32,000 to highs of $ 38,500 was due to Elon Musk changing his Twitter bio to “#Bitcoin”, calling the change “inevitable” with hindsight
- This has pulled up all of the major altcoins, but the focus remains on Bitcoin for now
- This has resulted in a slight underperformance in ETH and can cause the altcoins market to stagnate while Bitcoin rebounds
- An analyst is now looking for a potentially imminent pricing for Ethereum
- He notes that ETH could rally to $ 3,000 in the coming weeks, provided it tracks Bitcoin’s price action
Ethereum has seen some bullish price movement in the past few hours, with the bulls skyrocketing along with Bitcoin’s rise to $ 38,500.
The immense strength of the market created by this move shows little sign of volatility despite some pullbacks.
An analyst now notes that ETH could be on the verge of seeing an explosive move that will take it to a new all-time high of around $ 3,000 before encountering massive resistance.
Ethereum is rising alongside Bitcoin as the market recovers
At the time of writing, Ethereum is trading 8% at its current price of $ 1,390, which is just below the recent highs of $ 1,475 set at the peak of last week’s surge.
Bulls are now trying to take full control of the cryptocurrency, despite some failed attempts by bears to fade the pump.
Withdrawals after a massive surge are to be expected, but there is a good chance they will be swiftly erased by bulls eagerly awaiting an entry after developments overnight.
Analyst: ETH could see an explosive move to $ 3,000 next
An analyst recently stated in a tweet that Ethereum could be on the verge of an explosive rally.
He notes that once the cryptocurrency crosses its all-time highs, it will likely see a price discovery that will allow it to move to $ 3,000 if it copies the same pattern that Bitcoin saw.
“ETH: Considering possible scenarios for pricing … If we continue to pursue BTC’s move and bring in a portion of + 111%, publish the ATH outbreak after the Real Deal, we are interestingly at USD 3,000. Great psychological level, the same price that gave BTC a major retreat in 2017. “
Image courtesy of HornHairs. Source: ETHUSD on TradingView.
The coming days should shed some light on where BTC and Ethereum will develop in the medium term and whether this latest increase is sustainable.
Featured image from Unsplash. TradingView charts.