- Bitcoin has been facing some immense turbulence as of late, but it has yet to have any grave impact on altcoins
- Most major altcoins have been decoupling from the benchmark cryptocurrency, with ETH gaining against its BTC pair while Chainlink sees fresh all-time highs
- This momentum is being slowed slightly by Bitcoin’s present weakness, but it remains unclear as to whether this will reverse the altcoin breakouts
- For ETH, in particular, one analyst is calling its macro chart “ridiculously bullish” – suggesting that it is on the cusp of setting fresh all-time highs in the near-term
- He is specifically pointing to a move up towards $2,800 next, noting that this is likely where it will surge to once its all-time highs are broken
Ethereum has seen notable strength as of late, with bulls providing a strong foothold within the lower-$1,000 region.
It has also been gaining some ground against Bitcoin as of late, with the crypto showing signs of strength as it holds up against USD while BTC declines.
Unlike BTC, LINK, and many other major altcoins, Ethereum has yet to set fresh all-time highs throughout the course of this bull cycle. This may indicate that it has a high probability of seeing continued growth as the market cycle continues.
Ethereum Gains Against BTC Pair as Bulls Defend Against Downside
At the time of writing, Ethereum is trading down just under 4% at its current price of $1,190. This marks a notable surge from its recent lows of $900 set last week during the market-wide sell-off event.
The momentum seen in the time following this has been impressive, and Ethereum has gained some serious ground against Bitcoin.
Its BTC trading pair is looking even better this morning, with BTC’s slight selloff not having that huge of an impact on ETH.
Trader Claims ETH is Poised to Move Towards $3,000 Next
One analyst explained in a recent tweet that he is now watching for Ethereum to see further upside, setting a target at $2,800.
He notes that it first needs to break its all-time high of $1,450 and that a move past this level could allow for massive near-term upside.
“ETH / USD: Macro trend still looking ridiculous bullish and if we close the weekly candle like this then the next stop is ATH. I think we see something similar to what I have shown above, a test and close above the previous ATH and then price to test $2800/$3200 quickly after.”
Image Courtesy of Cactus. Source: ETHUSD on TradingView.
The coming few days should provide insights into whether Ethereum’s strength against Bitcoin will be enough to send it surging to all-time highs.
Featured image from Unsplash. Charts from TradingView.