Ethereum and the aggregated crypto markets have rallied over the past 24-hours, catching the massive upwards tailwind created by Bitcoin’s surge to highs of $8,800. This rally has led ETH to climb into the $150 region as it outperforms BTC and many other major altcoins.
Over a larger time frame, analysts are noting that Ethereum’s recent bullishness and its ability to establish the $120 region as a potential bottom opens the gates for significantly further gains, which could lead the crypto to surge as much as 80% by May of this year.
Ethereum Outperforms Bitcoin as Aggregated Crypto Markets Rally
Today’s movement marked an upwards break out of the consolidation phase that ETH has entered last Friday, which subsequently led it to trade sideways around $144 for multiple days.
Today’s surge has allowed ETH to also post some decent gains against Bitcoin, as it is currently trading up just under 2% against its BTC trading pair. Other major altcoins have also seen sizeable gains today, with Bitcoin Cash rallying 22% and Bitcoin SV surging a whopping 90%.
Some analysts do anticipate Ethereum and Bitcoin to see a sharp pull back in the near-term, which could provide an ideal entry opportunity for sidelined investors.
“$XBT | USD | $ETH | USD Update: Taking some profit on my ETH Long too here as the 12h E2E has concluded. 85% of my XBT Long closed too now that the daily E2E has concluded. Thinking about re-entering bigger around 8500$,” Smokey, a popular analyst on Twitter, explained in a recent tweet.
Taking some profit on my ETH Long too here as the 12h E2E has concluded.
85% of my XBT Long closed too now that the daily E2E has concluded.
Thinking about re-entering bigger around 8500$ pic.twitter.com/wAlQoU39y2
— Smokey (@TraderSmokey) January 14, 2020
Will ETH Soon Rally Towards $280?
Mayne, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes ETH’s mid-term prospects are incredibly bullish, setting an upside target of $280 for the crypto by May of this year.
“$ETH preparing to blow the top off, this 3D level will not hold much longer,” he explained while pointing to the chart seen below.
— Mayne (@Tradermayne) January 14, 2020
If Mayne’s prediction does prove to be accurate, the crypto could soon see an 80% rally from its current price levels, which would point to immense strength amongst Ethereum’s bulls.
Featured image from Shutterstock.