Analysts Think Ethereum Will Surge as Bitcoin Holds $13,000 Support

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  • Ethereum has undergone a strong 10-15% rally over the past seven days that has brought it as high as $420.
  • The coin is expected to move towards $433 to “catch up” to Bitcoin.

Ethereum Expected to Surge As Bitcoin Holds Key Supports

Ethereum has undergone a strong 10-15% rally over the past seven days that has brought it as high as $420. The coin currently trades for $412 as it positions to move higher.

The strength in the price of ETH comes as Bitcoin has held the $13,000 support, which many feared would mark the top of the rally. Bitcoin currently trades for $13,150.

With BTC holding above $13,000, ETH is expected to move towards $433 to “catch up” to Bitcoin.

One analyst shared the chart below, showing that ETH will likely move to $433 before the weekend finishes, then continue towards the yearly highs at $490 by the end of the month.

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Chart of ETH's price action over the past few weeks with an analysis by crypto trader Steve (@Thetradingtramp on Twitter). 
Source: ETHUSD from TradingView.com

Other analysts agree with this sentiment. One crypto-asset trader shared the chart below, showing that Ethereum’s recent price action has allowed it to flip the $407 horizontal into support. This suggests that it will push towards the next important horizontal level at $445 in the days ahead.

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Chart of ETH's price action over the past few weeks with an analysis by crypto trader Nekoz (@CryptoNekoz on Twitter).  
Source: ETHUSD from TradingView.com

Ethereum Has Strong On-Chain Trends

Ethereum has decent on-chain trends that suggest the uptrend will persist in the days ahead.

Santiment, a blockchain analytics firm, shared the chart below just recently with the following comment:

“There is good news and bad news for #Ethereum’s quest to again surpass the $420 price barrier. The good news is that miners aren’t selling, and there is a big increase in new $ETH addresses being created, and pre-existing addresses have shown an increase in activity. The bad news is that social sentiment is bordering on euphoric territory, and daily active deposits have jumped in a big way.”

Ethereum

Chart of ETH's price action over the past few months with an overlay of miner balances. Chart from Santiment

As the company notes, there are a few reasons to be concerned, namely around Ethereum social sentiment and the number of daily active deposits to exchanges.

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Bitcoin rallying higher would likely be enough to drive ETH higher in the days ahead, though.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc, ethusdt, btcusd, btcusdt, xbtusd
Charts from TradingView.com
Analysts Think Ethereum Will Surge as Bitcoin Holds $13,000 Support

Source: https://bitcoinist.com/analysts-think-ethereum-will-surge-as-bitcoin-holds-13000-support/?utm_source=rss&utm_medium=rss&utm_campaign=analysts-think-ethereum-will-surge-as-bitcoin-holds-13000-support


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