- Ethereum saw a meteoric rally yesterday that allowed it to take some massive gains, with bulls taking full control as they pushed it to new record highs
- The crypto is still struggling to gain enough support to stay above its previous all-time high of USD 1,450, with selling pressure above this level being significant.
- It is now seeing some consolidation just below this level as Bitcoin starts to rise higher
- Chances are, Bitcoin’s strength will eventually cause further tailwinds to ETH
- One analyst notes that a daily close in excess of $ 1,400 ETH could position for huge upside in the coming week, noting that he views $ 1,600 and $ 2,000 as near-term upside targets.
Ethereum has entered a parabolic phase of growth in recent days, with the cryptocurrency surging about 40% from the low of $ 1,080 set just a few days ago.
These lows came along with the aggregate market decline last Thursday, but the v-shaped recovery that has emerged since then is very promising.
An analyst now expects Ethereum to see massive upside in the near term, noting that he is closely watching to see if crypto will see a move towards USD 1,600 and USD 2,000 in the coming days and weeks.
Ethereum Consolidates After Meteoric Rally
At the time of writing, Ethereum is trading just under 2% at the current price of $ 1,410. This is around the price at which the crypto has acted in the past day.
Yesterday afternoon, bulls took full control of ETH’s price action and steered it to its all-time highs of $ 1,475 – marking new all-time highs.
The selling pressure proved quite intense here and resulted in a strong rejection seen that has since led to a consolidation phase.
Buying pressure around $ 1,400 and below was significant, meaning this consolidation could result in a breakthrough to new highs.
Analyst: ETH could be on the cusp of a move to $ 2000 +
An analyst believes today’s daily close could send Ethereum up assuming it could close above USD 1,400.
ETH / USD: It seems insane when we can see a daily close above USD 1400, this is a significant momentum we are seeing especially as the price is breaking off the BTC peg and moving on its own. I think we are seeing $ 1600 by the end of the week, I also think $ 2000 could be tagged soon. “
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming days should shed light on it Ethereum’s Outlook and clarify how Bitcoin’s ongoing bullish trend reversal will affect altcoins.
Featured image from Unsplash. Charts from TradingView.