- Ethereum has experienced tremendous turbulence in recent days and weeks, with buyers and sellers both vying to take control of the price action
- The cryptocurrency hasn’t been able to hit a clear trend, with buyers holding it steady between $ 1,200 and $ 1,400, while sellers continue to monitor its all-time highs.
- It has now tested three times its all-time high of late 2017 and broken above, but each one has faced massive selling pressure
- This could indicate that bulls will no doubt see a further downtrend in the near term unless the entire market starts to rise again
- A trader notes that ETH appears to be much stronger than BTC from a technical standpoint, which could mean it is positioned to break out
Ethereum has seen mixed price action lately, with the weakness largely due to Bitcoin and the intense downside it has suffered in recent weeks.
Fortunately for bulls, BTC has managed to stay above USD 30,000 despite all of its weaknesses, which could be a good sign of where it is heading next.
Sharing his thoughts on where the cryptocurrency could evolve next, one analyst noted that Ethereum is on the cusp of price discovery, with its strength against Bitcoin as striking.
Ethereum accumulates as the broader crypto market recovers
Yesterday was a weak day for BTC and the rest of the crypto market, with bears sparking an intense sell-off led by Bitcoin’s multiple breaks below $ 30,000.
Today the market has stabilized and Ethereum has been able to gain some momentum.
At the time of writing, ETH is trading just under 8% at the current price of USD 1,340, which is only a slight decline from its daily highs of USD 1,360.
Trader claims ETH could see price discovery as strength rises
A merchant explained in a recent tweet that Ethereum could soon see price discovery due to its immense strength against Bitcoin.
“ETH looks MUCH better than BTC mar. Consolidate in an upward channel. Acceptance above VAH would lead to further price discovery + alt season. D close below POC would take it to VAL. “
Image Courtesy of Byzantine General. Source: ETHUSD on TradingView.
Where the following market trends will undoubtedly depend on Bitcoin, but if it can stabilize, it could be Ethereum and other altcoins to explode higher.
Featured image from Unsplash. Charts from TradingView.