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Breaking News: Will Trump Pardon Sam Bankman-Fried? Polymarket Odds Surge as Traders React to CZ’s Release

Analysts Think Ethereum Will Surge as Bitcoin Holds $13,000 Support

Nick Chong
by Nick Chong
5 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Ethereum has undergone a strong 10-15% rally over the past seven days that has brought it as high as $420.
  • The coin is expected to move towards $433 to “catch up” to Bitcoin.

Ethereum Expected to Surge As Bitcoin Holds Key Supports

Ethereum has undergone a strong 10-15% rally over the past seven days that has brought it as high as $420. The coin currently trades for $412 as it positions to move higher.

The strength in the price of ETH comes as Bitcoin has held the $13,000 support, which many feared would mark the top of the rally. Bitcoin currently trades for $13,150.

With BTC holding above $13,000, ETH is expected to move towards $433 to “catch up” to Bitcoin.

One analyst shared the chart below, showing that ETH will likely move to $433 before the weekend finishes, then continue towards the yearly highs at $490 by the end of the month.

Image

Chart of ETH's price action over the past few weeks with an analysis by crypto trader Steve (@Thetradingtramp on Twitter). 
Source: ETHUSD from TradingView.com

Other analysts agree with this sentiment. One crypto-asset trader shared the chart below, showing that Ethereum’s recent price action has allowed it to flip the $407 horizontal into support. This suggests that it will push towards the next important horizontal level at $445 in the days ahead.

Image

 

Chart of ETH's price action over the past few weeks with an analysis by crypto trader Nekoz (@CryptoNekoz on Twitter).  
Source: ETHUSD from TradingView.com

Ethereum Has Strong On-Chain Trends

Ethereum has decent on-chain trends that suggest the uptrend will persist in the days ahead.

Santiment, a blockchain analytics firm, shared the chart below just recently with the following comment:

“There is good news and bad news for #Ethereum’s quest to again surpass the $420 price barrier. The good news is that miners aren’t selling, and there is a big increase in new $ETH addresses being created, and pre-existing addresses have shown an increase in activity. The bad news is that social sentiment is bordering on euphoric territory, and daily active deposits have jumped in a big way.”

Ethereum

Chart of ETH's price action over the past few months with an overlay of miner balances. Chart from Santiment

As the company notes, there are a few reasons to be concerned, namely around Ethereum social sentiment and the number of daily active deposits to exchanges.

Bitcoin rallying higher would likely be enough to drive ETH higher in the days ahead, though.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc, ethusdt, btcusd, btcusdt, xbtusd
Charts from TradingView.com
Analysts Think Ethereum Will Surge as Bitcoin Holds $13,000 Support
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Nick Chong

Nick Chong

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I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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