- Ethereum has seen some intensely bullish price moves in recent days, with bulls triggering massive upward movement as the cryptocurrency rallies against BTC
- Where it develops in the short term should largely depend on whether or not bulls can close a candle with a high timeframe around the current price level
- This would confirm an upward trend against the cryptocurrency’s BTC trading pair and potentially lead to further upside potential
- A trader explained in a recent tweet that ETH is about to set new record highs
- He believes they are likely to emerge soon once the crypto can break out against his Bitcoin trading pair
Ethereum has seen some mixed price action in recent days and weeks, with buyers and sellers unable to gain serious control over the cryptocurrency’s price action as it consolidates.
It has posted a strong response to a few attempts by sellers to push it towards the lower USD 1,000 region, fervently defending this level.
Where the medium term trends largely depend on whether bulls can protect against further downward moves as it is in the process of building strength and momentum against its BTC pair that it could launch higher – if it were to get enforced.
Ethereum wins against BTC as the upward trend kicks off
At the moment of writing, Ethereum is trading upward just over 6% at the current price of $ 1,245. This marks a notable rise from the daily lows of $ 1,060 at the low end of the recent sell-off.
It rose to $ 1,300 this morning before facing intense selling pressure that slowed its rise.
Whether it can climb higher in the short term or not should largely depend on the sustained response to a few key levels of support and whether it continues to gain momentum against Bitcoin.
Analyst: ETH is likely to set new record highs in the near term
A merchant explained in a recent tweet that he expects Ethereum to hit new all-time highs in the near term as the crypto rally begins to parabolic.
He notes that the surging strength against Bitcoin, coupled with the fact that it shouldn’t really have broken out against BTC just yet, indicates that upward strength is imminent.
“One of the last looks at $ ETH for new ATH – what a great ride it has been + a friendly reminder that ETH / BTC has yet to break through.”
Image Courtesy of CryptoRangutang. Source: ETHUSD on TradingView.
The next few days should shine a light on Ethereum medium term outlook and whether it will be able to build enough power to explode higher in the short term.
Featured image from Unsplash. Charts from TradingView.