- 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
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
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.
Featured image from Unsplash. Charts from TradingView.