- Ethereum has seen some intensely bullish price action throughout the past couple of days, with bulls sparking a massive upside movement as the cryptocurrency rallies against BTC
- Where it trends in the short-term should depend largely on whether or not bulls can close a high time frame candle around its current price levels
- This would confirm an uptrend against the cryptocurrency’s BTC trading pair and potentially lead to further upside
- One trader explained in a recent tweet that ETH is on the cusp of setting fresh all-time highs
- He believes that they will likely come about swiftly once the crypto can break out against its Bitcoin trading pair
Ethereum has seen some mixed price action throughout the past few days and weeks, with buyers and sellers being unable to gain any serious control over the cryptocurrency’s price action as it consolidates.
It has posted a strong reaction to a few attempts from sellers to push it down to the lower-$1,000 region, with this level being ardently defended.
Where it trends in the mid-term should depend largely on whether or not bulls can guard against further downside, as it is in the process of building strength and momentum against its BTC pair that could launch it higher – should it be maintained.
Ethereum Gains Against BTC as Uptrend Kicks Off
At the time of writing, Ethereum is trading up just over 6% at its current price of $1,245. This marks a notable surge from daily lows of $1,060 set at the bottom of the recent selloff.
It rallied as high as $1,300 this morning before it faced some intense selling pressure that slowed its ascent.
Whether or not it can climb higher in the near-term should depend largely on its continued reaction to a few key support levels and if it continues gaining momentum against Bitcoin.
Analyst: ETH Likely to Set Fresh All-Time Highs in Near-Term
One trader explained in a recent tweet that he expects Ethereum to set fresh all-time highs in the near-term as the crypto’s rally begins turning parabolic.
He notes that its mounting strength against Bitcoin, coupled with the fact that it has yet to actually breakout against BTC, indicates that upside is imminent.
“One of the last looks at $ETH before new ATH – what an amazing ride it’s been + a gentle reminder that ETH/BTC is yet to breakout.”
Image Courtesy of CryptoRangutang. Source: ETHUSD on TradingView.
The coming few days should shine a light on Ethereum’s mid-term outlook and whether or not it will be able to build enough strength to explode higher in the near-term.
Featured image from Unsplash. Charts from TradingView.