Ethereum (ETH) On the Verge of a Massive Upswing as Altcoins Begin Rallying
After incurring a slight pullback over the past couple of days, Ethereum and the aggregated cryptocurrency markets appear to be primed for an extension of their recent uptrend.
This overt strength is coming about as Bitcoin is beginning to show signs of recovering from its recent lows and may point to the possibility that the recent pullback was simply a bear trap that will be followed by significantly further upwards momentum.
In the near-term, analysts do believe that major altcoins like Ethereum will outperform Bitcoin, and one analyst is setting his sights on an imminent ETH movement to $210.
Ethereum Begins Climbing as Crypto Markets Flash Bullish Signs
At the time of writing, Ethereum is trading up 1% at its current price of $168, which marks a notable climb from daily lows of $162 that were set earlier today in tandem with a sharp downturn seen by the aggregated crypto markets.
Ethereum is currently trading within a consolidatory range that has formed following its recent drop from highs of nearly $180 that occurred this past weekend.
It is important to note that ETH is still trading up notable from its weekly lows of $144, which is emblematic of just how strong its recent uptrend has been.
ETH isn’t the only altcoins showing some signs of tempered bullishness in the near-term, as multiple other altcoins are currently beginning to rally.
Ethereum Classic – an ETH hard fork – is one such example of an altcoin that is expressing some bullishness today, as it has been able to surge 8% today. Bitcoin SV – the controversial Bitcoin Cash hard fork – has also been able to pump today, as it is currently trading up a whopping 20%.
Analysts do believe that this current bullishness amongst altcoins marks the start of the next market wide rally, which could be driven primarily by altcoins rather than Bitcoin.
“This is likely an alt rally. The opportunity cost of shorting is high. Longing btc is not the move. Longing eth is the move,” CryptoGainz – a prominent cryptocurrency analyst on Twitter – explained in a recent tweet while referencing a chart showing a $210 target.
If this analysis proves to be correct, BTC could hover around its current price levels for the comings several days and weeks, allowing altcoins to clock massive gains.