- Ethereum today saw a massive breakout rally that happened alongside Bitcoin
- BTC’s rise from $ 32,000 to highs of $ 38,500 came about as Elon Musk changed his Twitter bio to “#Bitcoin” and called the change “inevitable” afterwards
- This dragged all the major altcoins higher, but the focus remains on Bitcoin for now
- This has caused ETH to see a slight underperformance and could cause the altcoins market to stagnate while Bitcoin soars
- An analyst is now looking at a potentially imminent price discovery for Ethereum
- He notes that assuming it tracks Bitcoin’s price action, ETH could see a rise to $ 3,000 in the coming weeks.
Ethereum has seen some bullish price action in recent hours, with bulls skyrocketing the price to a maximum of $ 1,440 coupled with Bitcoin’s rise to $ 38,500.
The sheer strength of the market brought about by this movement shows little sign of hesitation, despite some downturns.
An analyst now notes that ETH is about to see an explosive move that sends it to new all-time highs of around USD 3,000 before facing massive resistance.
Ethereum rises alongside Bitcoin as the market returns
At the moment of writing, Ethereum is trading up 8% at its current price of $ 1,390, which is just below its recent high of $ 1,475 at the peak of last week’s rise.
Bulls are now trying to take full control of the cryptocurrency, despite a few unsuccessful attempts by bears to fade the pump.
Pullbacks after a massive rise are to be expected, but there is a good chance it will soon be cleared by bulls eagerly waiting for an entry after the overnight developments.
Analyst: ETH could see an explosive move towards $ 3,000
He notes that once it hits above its all-time high, the cryptocurrency will likely see price discovery that could soar to $ 3,000 if it copies the same pattern that Bitcoin saw.
“ETH: Looking at possible price discovery scenarios… If we continue to monitor the movement of BTC and put in a + 111% leg, place the real ATH breakout, interestingly enough, we’re right at $ 3,000. Great psychological level, the same price that gave BTC a major downturn in 2017. “
Image Courtesy of HornHairs. Source: ETHUSD on TradingView.
The coming days should provide insight into where BTC and Ethereum will evolve in the medium term and whether this latest wave is sustainable.
Featured image from Unsplash. Charts from TradingView.