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Home Cryptocurrency news

Crypto Markets Bullish on Ethereum, Expected to Outperform Bitcoin Short-Term

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin, Ethereum
Reading Time: 3min read
Crypto Markets Bullish on Ethereum, Expected to Outperform Bitcoin Short-Term
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While the current parabolic Bitcoin rally has caused the altcoin market to bleed out, many of the large cap crypto such as Ethereum recently bounced at long-term support, and are expected to rally significantly in the coming days as Bitcoin consolidates.

Crypto investors across the market are particularly bullish on Ethereum, which has been underperforming in recent weeks compared to Bitcoin and other cryptocurrencies. Targets of $300 or more to the upside are expected for the cryptocurrency created by Vitalik Buterin.

Collective Crypto Market: Ethereum Reached BTC Ratio Bottom, Time for Liftoff

Bitcoin’s recent rally was met with much disbelief, as the leading cryptocurrency by market cap made a powerful exit out of the bear market, confirming the bottom is in, and potentially reigniting a bull market in a matter of a little more than a month.

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Related Reading | Will Ethereum Surge Past $300 When Bitcoin Finally Corrects? 

With such bullish sentiment back in the crypto market, and with Bitcoin price charts leading the way, potentially revealing how certain major altcoins might perform, has given crypto investors a boost in confidence surrounding Ethereum.

Do you guys have any idea how much $ETH will pump once it wakes up?

It’s gonna be ridiculous, just like last bull run. $ETH is like an index fund of altcoins.

— Bitcoin Macro (@BTC_Macro) May 14, 2019

Reading through the collective comments and thoughts from crypto Twitter personalities to top-commented threads on crypto trading sub-Reddits, it’s clear that most of the market expects Etheruem to make a major rally in the coming days, both in terms of USD value, but even more so in terms of the cryptocurrency’s ratio relative to BTC.

alright, time to send it $ETH nerds ? pic.twitter.com/A97NwchWhF

— Satoshi Sonic (@SatoshiSonic) May 14, 2019

Elliot wave theorists believe the cryptocurrency is about to start impulse wave three of five, taking the price of Ethereum to targets at $240, $300, $320, and then some.

when $eth breaks this upper channel it will go full retard parabolic.

until then, it can pullback here within channel, but imo any weakness should be bought.

tick tock. pic.twitter.com/At6RDg0w7O

— ??Benjamin ?$BAT? Blunts?? (@SmartContracter) May 14, 2019

Some of the highest targets being shared are from prominent TradingView crypto analyst Jacob Canfield, who has spotted a fractal in Etheruem price charts that suggest that the price per ETH could skyrocket to $540, which would bring the cryptocurrency to the 0.618 Fibonacci retracement level.

https://twitter.com/JacobCanfield/status/1128500917190496256

ETH/BTC also looks set to perform, with upside targets of 0.04 and 0.06 on the ratio expected, according to crypto trader GalaxyBTC. ETH/BTC bounced at long-term support at 0.025 and has already climbed above 0.029 and is flirting with a break of 0.03.

Switching attention to big alts.

First buy is $ETH.

Great R/R on the BTC pair. Just a matter of time. pic.twitter.com/remtKkDvET

— Galaxy (@galaxyBTC) May 14, 2019

Past comparisons show that Ethereum and Bitcoin have slightly different ascent patterns, with Ethereum spiking strongly upward while Bitcoin shows more of a parabolic curve. Prior to the last bull run, Ethereum painted a pattern very similar to current price action. If history repeats itself, Etheruem will rise significantly in the coming days.

$BTC vs $ETH – 2018 pic.twitter.com/e2MrjFhqYM

— RJ (@RJ_Killmex) May 13, 2019

Ethereum was a major catalyst in helping cryptocurrencies enter the public limelight, and was a significant influence on the ICO craze that brought investors unheard of riches and returns. Once the bubble popped, though, ICO treasuries selling off their holdings caused the crypto to suffer among the worst out of any other altcoins.

Both $BTC / $USD and $ETH / $BTC looking mad bullish right now just saying ?

— The Crypto Dog? (@TheCryptoDog) May 15, 2019

Featured image from Shutterstock
Tags: bitcoincryptoelliot wave theoryethereumgalaxybtcjacob canfield
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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