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- Ethereum saw a meteoric rally yesterday that allowed it to post some massive gains, with bulls taking full control as they sent it to fresh all-time highs
- The crypto is still struggling to gain enough support to hold above its previous all-time highs of $1,450, with the selling pressure above this level being significant
- It is now seeing some consolidation just below this level as Bitcoin begins soaring higher
- There’s a strong possibility that Bitcoin’s strength will eventually create further tailwinds for ETH
- One analyst is noting that a daily close above $1,400 could position ETH for massive upside in the week to come, noting that he is watching $1,600 and $2,000 as near-term upside targets
Ethereum has been caught in a parabolic growth phase throughout the past few days, with the crypto rallying roughly 40% from its low of $1,080 that were set just a few days ago.
These lows came about last Thursday in tandem with the decline seen by the aggregated market, but the v-shaped recovery formed in the time since has been quite promising.
One analyst is now expecting Ethereum to see immensely further upside in the short-term, noting that he is closely watching for the crypto to see a move to $1,600 and $2,000 in the coming days and weeks.
Ethereum Consolidates Following Meteoric Rally
At the time of writing, Ethereum is trading up just under 2% at its current price of $1,410. This is around the price at which the crypto has been trading throughout the past day.
Yesterday afternoon, bulls took full control of ETH’s price action and sent it flying up to highs of $1,475 – which marked fresh all-time highs.
The selling pressure here proved to be quite intense and caused it to see a strong rejection that has since led to a consolidation phase.
The buying pressure around $1,400 and below it has been significant, which means that this consolidation could result in a breakout rally to new highs.
Analyst: ETH Could Be on the Cusp of a Move to $2,000+
One analyst believes that today’s daily close could send Ethereum soaring higher, assuming it can close above $1,400.
“ETH / USD: Looking insane if we can see a daily close above $1400, this is some major momentum we are seeing, especially with price breaking away from its BTC pairing and move alone. I think we see $1600 before end of the week, I also think that $2000 could be tagged soon.”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming few days should shine a light on Ethereum’s outlook and clarify how Bitcoin’s ongoing bullish trend reversal will impact altcoins.
Featured image from Unsplash. Charts from TradingView.
