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Analysts Expect Ethereum to “Teleport” Higher as Bitcoin Rockets Towards $13k

Cole Petersen by Cole Petersen
2 years ago
in ETH
Reading Time: 2 mins read
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Ethereum’s price action has been incredibly lackluster compared to that seen by Bitcoin and the rest of the crypto market.

While BTC pushes up towards fresh yearly highs of $13,000, the rest of the crypto market has remained fairly stagnant.

In particular, ETH has only seen tempered gains and remains well below its 2020 highs of $490 set at the peak of the DeFi hype cycle.

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It is important to note that Ethereum is now gaining some stability above $380, but its lack of momentum compared to that seen by Bitcoin remains concerning to some investors.

That being said, analysts now widely believe that the cryptocurrency could be overdue for a serious move higher, potentially sending it past $400.

One trader said that he is watching for ETH to “teleport” past its key $400 resistance in the coming days, which could spark some life into altcoins and maybe even renew the DeFi hype cycle that fizzled out over the past few weeks.

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Ethereum Underperforms Bitcoin Despite Bullish PayPal News

Today’s Bitcoin rally to $12,700 was news-based, as it came about close on the heels of reports regarding PayPal’s foray into crypto.

Although this news only had a noticeable impact on Bitcoin, it is equally as relevant for Ethereum, as PayPal will now allow users to buy, sell, and store BTC and ETH – as well as a few other digital assets.

At the time of writing, Ethereum is trading up just over 5% at its current price of $388.

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Its upsurge today has been promising, as it sold off yesterday in tandem with Bitcoin’s push past $12,000.

It still has a long way to go before it can reach parity with BTC’s gains over the past week.

Analyst: ETH is Ready to “Teleport” Past $400 

While sharing his thoughts on Ethereum’s present technical outlook, one analyst explained that he is watching for it to see a sharp upswing past $400 before facing any serious resistance.

He notes that the resistance just above its current price is quite weak.

“ETH – Done messing around. Time to teleport Ethereum to $400+. Not much resistance on the way towards the EQ.”

Ethereum

Image Courtesy of UB. Chart via TradingView.

If Ethereum breaks $400 and can flip this level into support, it could act as a launchpad that sends the cryptocurrency rocketing higher in the weeks ahead.

Featured image from Unsplash.
Charts from TradingView.
Tags: ethbtcethusdETHUSDT
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Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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