Ethereum’s strength mounts higher which will likely make it push a new 180% rally in the near-term but how will it perform against BTC? Let’s find out in our latest Ethereum price news.
ETH and BTC both saw major drops against their USD trading pairs today and the move came after BTC raced to a new all-time high and posted a rejection at this level that outlined its weakness among the bulls. ETH’s pair however remained stable as the two digital assets moved lower together. This could be considered as a positive thing for Ethereum as one analyst noted that the current strength mounts higher and that these coins have shown that ETH could rally by 180%. This could have serious implications for the USD trading pair as well as favoring the bulls.
Ethereum and the rest of the crypto market were caught in an intense bout of volatility which came thanks to Bitcoin’s inability to break the upper $19,000 region. The selling pressure spread on the entire market which came when Bitcoin tried to set a new all-time high. However, it dropped to $18,200 before settling at a significant support level. This movement sent shockwaves over the market and ETH dropped into the upper $500 region after navigating in the mid $600 zone. One trader thinks that ETH will see more upsides in the near-term mainly against the BTC trading pair.
At the time of writing, ETH was trading under 5% with a current price of $589. This marked a notable decline from the highs of $640 that was set during yesterday’s market-wide upwards swing. The selling pressure forced the second biggest crypto below $600 which happened moments after bitcoin got rejected at its $19,800 highs. BTC dropped to as low as $18,200 before looking for a serious buying side support.
It’s not a secret that ETH was underperforming BTC during its recent uptrend but the crypto is still down 50% from its all-time high. With that said, one trader thinks that there will be a price swing in ETH’s favor. He postulated that thanks to ethereum’s strenght right now, it could soon rise by about 90% or even up to 180% due to its reclaiming its 200-day EMA:
“ETH | BTC: Imo the ETH Daily is setting up quite nicely for a bullish future. 200EMA reclaimed, major TL broken and retested, bullish Kumo Twist, demand tested. Feed this bullish energy into the weekly and break the 200W EMA and imo we’re good for 90-180% gain vs BTC.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post