If history repeats itself, ETH could see a massive breakout rally to $3000 alongside Bitcoin so let’s find out more in today’s ethereum price news.
BTC’s surge from $32,000 to $38,500 came because of the Elon Musk Twitter bio change as he wrote only “Bitcoin” and called a change in hindsight as being inevitable. This dragged most altcoins higher but the focus remains on BTC for now. This caused ETH to see some slight underperformance which could result in the altcoins market stagnating while BTC rallies. One analyst now looks for potential price discovery for ETH if history repeats itself. He noted that if ETH tracks BTC’s price action, it could see a rally to $3000 in the upcoming weeks.
Ethereum saw some bullish price action over the past few hours with the bulls sending the price skyrocketing to new highs of $1440 along with Bitcoin’s surge to $38,500. The market’s immense strength which came due to the movement is showing a few signs of wavering despite the few pullbacks. One analyst noted that ETH will be on the cusp of seeing stronger movement which could send it to a new high of $3000 before it faces any massive resistance. At the time of writing, ETH is trading up 8% at a current price of $1390 which is below the highs of $1475. Bulls are trying to take full control of the cryptocurrency despite a few failed attempts by the bears to erase the pump.
Pullbacks after a massive move higher are to be expected but there’s a strong chance that it could get erased as the bulls await an entry especially after the overnight developments. One analyst explained in a tweet that ETH could be on the brink of seeing an explosive rally, saying that once it breaks above the all-time highs, the cryptocurrency will see a price discovery which will allow for a rally to $3000 if it follows Bitcoin’s movements:
“ETH: Looking at potential scenarios for price discovery… If we keep tracking BTC’s move and put in a leg of +111%, post the real deal ATH breakout, then we interestingly will be right at $3,000. Big psychological level, same price that gave BTC a big pullback in 2017.”
The upcoming few days will give us some more insight into where BTC and ETH will trend in the mi-term.