ETH gets on brink of setting a new all-time high with the bulls taking control and seeing some strong price action over the past few days and sparking a massive upside movement with the cryptocurrency rallying against Bitcoin so let’s read more in today’s Ethereum news.
Where will it trend in the short-term will depend largely on whether or not the bulls are able to close a high time frame candle around the current price levels and this could confirm an uptrend against the cryptocurrency’s pair with BTC and potentially lead to more upsides. One trader explained in a tweet that ETH gets on the brink of setting a new all-time high, that will come swiftly once the cryptocurrency is able to break out against the BTC trading pair.
ETH saw some mixed price action over the past few days with the buyers and sellers being unable to gain more control over the crypto’s price action as it started consolidating. It posted a stronger reaction to a few attempts from the sellers to push it down to the lower $1000 region with the level being defended. Where it will trend in the mid-term will depend on whether or not the bulls can guard against more downsides pressure since it is in a process of building strength and momentum against the BTC pair which could shoot it higher if it is maintained.
At the time of writing, ETH is trading up over 6% of its current price of $1245 which marks taking control and a surge from the daily lows of $1060 that were set at the bottom of the recent selloff. It rallied as high as $1300 today as it faced intense selling pressure which slowed the ascent. Whether or not it is able to climb higher in the near-term it depends on the reaction to a few key support levels.
One trader explained that he expects ETH to set a fresh new high in the near-term as the crypto’s rally goes parabolic. He noted that the power against BTC coupled with the fact that it still has to break out against BTC which indicates an upside momentum that is imminent:
“One of the last looks at $ETH before new ATH – what an amazing ride it’s been + a gentle reminder that ETH/BTC is yet to breakout.”
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