Friday, February 26, 2021

Analyst: Ethereum (ETH) Rebound Suggests Massive Upside Is Imminent

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.

Read Also: Someone Just Paid $7 to Move $1,000,000,000 on Ethereum in a Single Crypto Transaction

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.

Read Also: Elon Musk Shares His Thought about Bitcoin (BTC) and Money

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.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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