Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced some turbulent price action over the past few days, with selling pressure that surfaced around its price all-time high of $1,450, which resulted in a significant price plummet that was magnified by Bitcoin’s weakness.
About 24 hours ago, the selloff turned into capitulation, and Ethereum (ETH) has been experiencing a price upside trend since it saw a sharp pullback to lows of $1,040.
Due to this price action displayed, a crypto analyst is now optimistic on ETH, noting that the strength of the digital currency against both Bitcoin (BTC) and its US Dollar (USD) pair indicates that it could soon experience some massive upside trends.
Ethereum (ETH) Forms Classic “V-Shaped” Recovery
At the time of filing this report, Ethereum (ETH) is trading up over 20% compared to its price in the past hours. Its price currently stands around $1,250.
The massive recovery it has undergone has also allowed the cryptocurrency to outperform Bitcoin (BTC), which is also up significantly from its recent lows.
ETH’s strong rebound may suggest that investors are keener on buying its dips because it has yet to break its all-time highs and see price discovery.
Ethereum (ETH) Rebound Suggests Massive Upside is Imminent
According to a crypto analyst, the Ethereum (ETH)’s recent rebound against Bitcoin (BTC) and USD pairs indicate that a massive bull run is likely upcoming.
This could mean that another test of its all-time high is imminent, but this time the crypto may be able to shatter the resistance that exists here:
“ETH against BTC looks very good for continuation and a proper rally. Expecting large inefficient move on ETH if BTC shows some strength / dead-cat bounce today.”