Ethereum Could See an Explosive Move Higher Following Massive 20% Surge

Ethereum Could See an Explosive Move Higher Following Massive 20% Surge

  • Ethereum has been trading as a higher beta asset to Bitcoin as of late, closely tracking the benchmark crypto but seeing more drastic movements
  • Last night’s Bitcoin selloff proved to be somewhat dire for ETH, with it sending the cryptocurrency down to lows of $1,040
  • This decline marks a 30% retrace from ETH’s recent highs of $1,450 that were set just a few days back
  • In the time since these lows were set, however, Ethereum has posted a strong v-shaped recovery that could mark a macro bottom
  • One trader spoke about its performance in a recent tweet, noting that its strength against Bitcoin also indicates that upside is imminent

Ethereum has seen some turbulent price action throughout the past few days and weeks, with the selling pressure around its all-time highs of $1,450 sparking an intense downtrend that was magnified by Bitcoin’s weakness.

This selloff turned into capitulation yesterday evening, and the crypto has been climbing higher ever since it saw a sharp pullback to lows of $1,040

One analyst is now optimistic on ETH, noting that the cryptocurrency’s strength against both Bitcoin and its USD pair suggests it could soon see some massive upside.

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