Throughout the past few days and weeks, Ethereum (ETH), the second-largest cryptocurrency by market cap, has experienced mixed price action, with the inability of buyers and sellers to gain any notable control over the price action of the cryptocurrency 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.
The area it trends in the mid-term should largely depend on whether or not bulls can protect the cryptocurrency from further downside, as it keeps building momentum against its BTC pair that could launch it higher – should it be maintained.
Ethereum (ETH) Gains against Bitcoin (BTC) as Uptrend Kicks Off
A couple of hours ago, the price of Ethereum (ETH) surged to touch $1,300 before facing an enormous selling pressure that halted the ascent.
At the time of publishing, ETH is trading at $1,233.42, with about a 6% price upsurge in the last 24 hours. This represents a huge surge from daily lows of $1060
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 Says Ethereum (ETH) Is Likely To Attain All-Time High In Sooner Than Later
In a recent tweet, a crypto trader explained that he expects Ethereum to set a fresh all-time high in the near-term as the rally of the cryptocurrency is becoming parabolic.
He noted that ETH is starting to build momentum against Bitcoin (BTC). Also, the fact that it has yet to breakout against BTC indicates that a huge upside trend is around the corner.
“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.”
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 pic.twitter.com/G89aPLjneT
— #DYORangutang (@cryptorangutang) January 16, 2021