Ethereum price has gone up a lot with Bitcoin. The rise of BTC from $ 32,000 to $ 38,500 came as a result of Elon Musk changing his Twitter bio to “Bitcoin” and later calling the change “inevitable”. This move has pulled all major altcoins up, but eyes remain on Bitcoin for now.
This caused ETH to underperform some in the first place, and could cause the altcoin market to stall while Bitcoin recovered. An analyst is now suggesting that Ethereum will now have a similar boom. The analyst notes that assuming Bitcoin is tracking price action, ETH could rise to $ 3,000 in the next few weeks.
Ethereum price is trading bullish, with its current price of $ 1,340 at the time of this writing. These levels are well below last week’s high of $ 1,475. The bulls are now trying to take full control of the cryptocurrency. Retractions can be expected after a higher move, but ETH is likely to rise now, according to analysts.
Popular analyst HornHairs announced in a recent tweet that Ethereum could be on the verge of seeing an explosive rally. The analyst stated that when it rises above all-time highs, the cryptocurrency will see a price discovery that allows it to rise to $ 3,000 if it copies the pattern that Bitcoin sees. HornHairs adds the following to his comments on the subject:
ETH: WE ARE LOOKING AT POSSIBLE SCENARIOS FOR PRICE EXPLORATION… IF WE CONTINUE MONITORING THE MOVEMENT OF BTC AND IF WE PUT 111% SHARE, WE WILL BE INTERESTING US $ 3,000.