Ethereum gains ground against BTC with an explosive rallying preparation in the short-term so let’s read more about the analysis in our Ethereum price news.
Ethereum’s price action was extremely similar to the one of BTC as of late as the cryptocurrency showed strong signs of correlation to the number one cryptocurrency which caused it to see a choppy trading action as of late. Ethereum gains ground against its BTC pair but it is now pushing against the resistance of the trading pair. It continued gaining power against it and it is also nearing a few key USD resistance levels as well, with the bears trying to protect the $1250 level.
A clear break above this level could spark a parabolic move that could lead it higher but one trader was expecting this type of breakout rally to happen in the near-term and noted that he will be watching out for a strong outperformance of BTC. Ethereum was struggling to break free of Bitcoin’s strength which caused it to see some more consolidation over the past few weeks. It is now facing some resistance between the $1250 and the $1300 levels which is slight to where it is trading now.
Much like BTC, ETH dropped aggressively in the past and got absorbed by the buyers which usually is a positive sign. One trader noted that ETH will see a huge upside against both USD and BTC in the near-term noting that it is on the edge of breaking the key levels. At the time of writing, ETH was trading up just over 1% with a current price of $1240 which is around the same price level that it was trading over the past few days. The resistance is now at $1250 and was hampering the crypto’s growth over the past few days and weeks. Breaking this level could open the gates for the $1300 test which is another key level that will be watched closely in the near-term.
One analyst also noted that there’s a chance that ETH will break free from its BTC correlation and could rally higher. He noted that the cryptocurrency will be freed from the shackles which could lead it to see more upsides in the mid-term:
“ETH: I’m sure if Eth wasn’t as tied to BTC as it is (due to being #1 and #2) It would have printed ATH USD a while ago. However, I think it’s shackles are soon to be released and the BTC pair looks very strong. BTC must prepare to be ratio’d.”
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