- Ethereum has seen some wild price action over the past few days, with its bulls moving to erase its pattern of underperformance that has plagued its price action
- The crypto is now sitting firmly above $730 and may be positioned to see even further upside in the coming days
- This rebound seen against its USD trading pair has also come as it shows subtle signs of strength against BTC as well
- Weakness on ETHBTC has been plaguing its price action for the past few weeks and may continue to do so in the mid-term
- One trader is confident that serious upside on both pairs could come about shortly, however, as he is pointing to a bullish technical pattern
- He is specifically targeting a move towards $850 in the short-term
Ethereum and the rest of the cryptocurrency market have been flashing some subtle signs of strength over the past few days, with buyers being in full control of the crypto’s price action.
This has helped buck a multi-week trend of underperformance seen amongst all altcoins, with Bitcoin’s rally happening almost entirely in isolation of the rest of the market.
Where Ethereum trends in the mid-term may depend largely on whether or not bulls can sustain the newfound momentum they have created.
One analyst is watching closely for a move up towards $850 in the near-term.
Ethereum Gains Momentum as Altcoins Rebound
At the time of writing, Ethereum is trading up just under 7% at its current price of $730. This marks a notable rebound from its recent lows of $560 set on the 24th of the month.
The crypto’s recent strength has come about as Bitcoin’s rally takes a slight pause, with the recent rejection at highs of $28,500 sparking a consolidation phase.
This has allowed altcoins – including Ethereum – to gain some momentum.
Analyst Claims ETH is Poised to Rally Past $800 Next
Ethereum’s rally may just be getting started. One trader is now expecting it to see a move up towards somewhere between $800 and $850. He notes that strength on its BTC pair may drive this movement.
“Sticking to the plan for ETH/BTC pairing. Next up 29, than 315. This should trigger some very solid movement on the USDT pairing. $800-$850.”
Image Courtesy of NekoZ. Source: ETHBTC on TradingView.
The coming few days should shed light on where altcoins will trend in the mid-term, as it may depend entirely on Ethereum.
Featured image from Unsplash. Charts from TradingView.