Crypto News

Ethereum Surges Against Bitcoin as Bulls Try to Spark Price Discovery

  • Ethereum has seen some immense turbulence throughout the past few days and weeks, with buyers and sellers both vying to gain control of its price action
  • The cryptocurrency has been unable to gain any clear trend, with buyers keeping it stable between $1,200 and $1,400, while sellers continue guarding its all-time highs
  • It has now tested, and broken above, its all-time highs from late-2017 on three occasions, but each one has been met with massive selling pressure
  • This could indicate that bulls are bound to see further near-term downside unless the entire market begins ascending once again
  • One trader is noting that, from a technical perspective, ETH appears to be far stronger than BTC, which could mean that it is positioned to breakout

Ethereum has seen mixed price action as of late, with its weakness largely coming about due to Bitcoin and its intense downside incurred throughout the past few weeks.

Fortunately for bulls, BTC has been able to remain above $30,000 despite all of its weakness, which may be a good sign for where it trends next.

While sharing his thoughts on where the cryptocurrency might trend next, one analyst noted that Ethereum could be on the cusp of seeing price discovery, with its strength against Bitcoin being striking.

Ethereum Rallies as Broader Crypto Market Rebounds

Yesterday was a weak day for BTC and the rest of the crypto market, with bears causing an intense selloff led by Bitcoin’s multiple breaks below $30,000.

Today, the market has stabilized, and Ethereum has been able to gain some momentum.

At the time of writing, ETH is trading up just under 8% at its current price of $1,340, which marks only a slight decline from its daily highs of $1,360.

Trader Claims ETH Could See Price Discovery as Strength Mounts

One trader explained in a recent tweet that Ethereum could soon see price discovery due to its immense strength against Bitcoin.

“ETH looks A LOT better than BTC rn. Consolidating in an upward channel. Acceptance above VAH would lead to further price discovery + alt season. D close below POC would take it to VAL.”

Ethereum

Image Courtesy of Byzantine General. Source: ETHUSD on TradingView.

Where the market trends next will undoubtedly depend on Bitcoin, but if it can stabilize, it could allow Ethereum and other altcoins to explode higher.

Featured image from Unsplash.
Charts from TradingView.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

NYDIG Raises $200 Million From Key Strategic Partners
New York Digital Investment Groups announced that it has raised $200 million from its strategic partners. This includes its...
Mark Cuban Predicts Dogecoin Will ‘Definitely’ Hit $1
Billionaire tech investor and Dallas Mavericks owner Mark Cuban continues to provide a boost to Dogecoin. A week ago...
Ethereum 2.0 Staking Protocol Stakewise Raises $2 Million
Ethereum 2.0 DeFi protocol Stakewise announced a successful $2 million private fundraise ahead of its public launch. The protocol...
Analyst Sees Bitcoin Price Hitting $55,000-56,000; Here’s Why
Bitcoin could reach anywhere between $55,000 and $56,000 in the coming sessions, says Jonny Moe.
Bitcoin Price Surges After U.S. Senate Passes Stimulus Bill
The price of Bitcoin surged 4% to $51,000 on Sunday after the United States Senate passed the expected $1.9...
Kraken CEO: SEC’s Case Against Ripple Could Hurt Crypto Exchanges
Kraken CEO and co-founder Jesse Powell is concerned that the U.S. Securities and Exchange Commission’s (SEC) case against Ripple...

Featured Crypto News

NYDIG Raises $200 Million From Key Strategic Partners
New York Digital Investment Groups announced that it has raised $200 million from its strategic partners. This includes its...
Mark Cuban Predicts Dogecoin Will ‘Definitely’ Hit $1
Billionaire tech investor and Dallas Mavericks owner Mark Cuban continues to provide a boost to Dogecoin. A week ago...
Ethereum 2.0 Staking Protocol Stakewise Raises $2 Million
Ethereum 2.0 DeFi protocol Stakewise announced a successful $2 million private fundraise ahead of its public launch. The protocol...
Analyst Sees Bitcoin Price Hitting $55,000-56,000; Here’s Why
Bitcoin could reach anywhere between $55,000 and $56,000 in the coming sessions, says Jonny Moe.
Bitcoin Price Surges After U.S. Senate Passes Stimulus Bill
The price of Bitcoin surged 4% to $51,000 on Sunday after the United States Senate passed the expected $1.9...
Kraken CEO: SEC’s Case Against Ripple Could Hurt Crypto Exchanges
Kraken CEO and co-founder Jesse Powell is concerned that the U.S. Securities and Exchange Commission’s (SEC) case against Ripple...