An ETH explosive rally makes the coin surge by 20% as it was trading as a higher beta asset to BTC as of late, tracking the number one cryptocurrency and seeing some drastic movements. In our latest Ethereum news today, we take a closer look at the price analysis.
Last night’s BTC selloff proved to be quite dire for ETH with it sending the crypto lower than $1040. The drop marks a 30% retrace from the ETH recent highs of $1450 that was set a few hours back. In the time since the lows were set but ETH posted a strong v-shaped recovery which could mark a new bottom. One trader spoke about the performance in a tweet noting that its strength against the number one cryptocurrency will indicate that an upside is imminent and an ETH explosive rally could help the coin surge higher.
Ethereum saw a turbulent price action over the past few days and weeks with the selling pressure around the same all-time high of $1450 sparking a strong downtrend which was magnified by the BTC weakness. The selloff turned into capitulation one day ago and the cryptocurrency was climbing higher ever since it saw a sharp pullback to new lows of $1040. One analyst believes that ETH noted that the crypto’s strength against BTC and its USD pair suggesting that it could see a massive upside. At the time of writing, ETH is trading up over 20% from the overnight lows and a current price of $1230.
The strong recovery that it saw has also allowed it to outperform BTC which is also up dramatically from the recent lows. ETH’s strong rebound could suggest that the investors are keen on buying the dips because it still has to break its all-time high and see more price discovery. One analyst explained in a tweet that Ethereum’s rebound against the BTC pair and USD pair suggests that it could see a “proper rally”. This could mean that another test of the all-time high is imminent but this time the cryptocurrency could be able to shatter the resistance at this level:
“ETH against BTC looks very good for continuation and a proper rally. Expecting large inefficient move on ETH if BTC shows some strength / dead-cat bounce today.”
The coming few days will give us some more insight on the ETH outlook as an extension of the current momentum being able to lead further upside in the days and weeks ahead.
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