- Ethereum has lagged slightly behind Bitcoin and the rest of the crypto market lately as all eyes shift to watch BTC price action
- Though it is lagging behind, ETH is still showing some immense signs of strength as it pushes towards $ 700, with analysts widely watching to keep it going up
- Most of the altcoins are currently trailing Bitcoin’s earnings, which is a pretty normal occurrence in the parabolic BTC bull markets
- As seen last night when Bitcoin was rejected at $ 23,700, the price of ETH rose almost 8%
- This seems to be a symbol of a capital rotation from Bitcoin to Altcoins too
Bitcoin has been hit by an intense bull trend in the past few days, which has had a positive impact on Ethereum and most other altcoins.
Ethereum price movements have become increasingly bullish as Bitcoin continues to generate strong tailwinds.
There is a high likelihood that once BTC’s uptrend falters and there is some consolidation, investors will quickly turn capital into ETH and other altcoins to outperform benchmark crypto.
One analyst believes this will happen in the coming days, potentially allowing ETH to gain more than 20% over Bitcoin.
Ethereum is showing signs of strength as the market-wide rally begins
At the time of writing, Ethereum is trading a little over 4% from its current price of $ 665. This is roughly the price it has been trading at all morning and there is some resistance just above its current price.
Where there are mid-term trends can largely depend on Bitcoin, which has guided the entire market.
However, the rejection of BTC at $ 23,700 last night actually contributed to Ethereum skyrocketing, which may mean bitcoin dips are proving beneficial to altcoins.
Analyst: ETH is likely to see a parabolic upswing
A trader pointed to Ethereum’s bitcoin trading pair, stating that it was now ready to see serious upward moves.
He specifically advises that it should increase 20% or more by the end of the week.
“I think that was a surrender with little Eth / BTC, $ Eth parable soon and should be + 20% by the end of the week.”
Image Courtesy of SmartContracter. Source: ETHBTC on TradingView.
The coming days should shed serious light on where Ethereum and the entire market will perform in the coming weeks.
Featured image from Unsplash. Charts from TradingView.