- Ethereum has recently been trading as a higher beta asset against Bitcoin. It follows the cryptocurrency closely but sees more drastic movements. This decline was somewhat shocking for ETH as last night’s Bitcoin sales dropped the cryptocurrency to $ 1,040.
Ethereum has recently been trading as a higher beta asset against Bitcoin. It follows the cryptocurrency closely but sees more drastic movements. This decline was somewhat shocking for ETH as last night’s Bitcoin sales dropped the cryptocurrency to $ 1,040.
This drop marks a 30% return on ETH’s highs of $ 1,450 set just a few days ago.
However, since the establishment of these lows, Ethereum has recorded a strong v-shape recovery that could mark a macro low.
A trader named Livercoin talked about the performance of ETH in his last tweet. According to Tradera, ETH is getting stronger against Bitcoin.
Ethereum has seen some turbulent price movements recently, and the selling pressure of $ 1,450, its all-time high, triggered an intense downtrend that was magnified by Bitcoin’s weakness.
This sale turned to surrender yesterday evening and the crypto has been rising since it saw a sharp retracement to $ 1,040.
An analyst is currently optimistic about ETH and indicated that the cryptocurrency’s strength against both Bitcoin and the dollar exchange rate could see a massive increase soon.
Ethereum recovered in V shape
At the time of writing, Ethereum is trading 20% above its current low of $ 1,230 per night.
The enormous recovery it has seen has also allowed it to outperform Bitcoin, which rose significantly from its recent lows.
ETH’s strong recovery could indicate that investors are more willing to buy their dips because they haven’t yet broken all-time highs and haven’t seen price discovery.
Analyst: ETH’s comeback indicates massive surge is coming soon
An analyst explained in a recent tweet that Ethereum’s recovery against the Bitcoin exchange rate and the USD rate indicates that it may soon see a “favorable” rally.
This could mean that another test of all-time highs is close, but this time around, the crypto could break the resistance that exists here.
“ETH against BTC looks very good for continuity and a proper rally. Major inefficient movement on ETH is expected if BTC is showing some strength / dead cat bounce today. “
The next few days will shed some light on Ethereum’s outlook. Because this is an extension of the current momentum, it may cause even more rise in the coming days and weeks.