A new ETH rally is in the books now, proving that the largest altcoin out there has even more room to grow as it is currently shaded by Bitcoin (BTC) in the news. Today’s Ethereum news and updates show that a bullish break could set the stage for gains of up to 20%, according to one prominent analyst.
The past few days for Bitcoin, Ethereum and other top cryptocurrencies have been rocky. From the monthly highs against the dollar, most digital assets are down by 10%. But when measuring the performance of some cryptocurrencies against Bitcoin, some investments are drastically outperforming others.
For instance, a new ETH rally is in the books and a perfect case in point, showing that ETH has a potential to rally more after its 10% increase against the BTC over the past nine days. Analysts say that this is a precursor which is a performance to even greater gains, though there is still a risk of medium to a long term decline in the broader altcoin market which would likely threaten Ethereum’s position.
$ETH rising through a key level today.
The previous breakouts at this level led to another +15-20% in the subsequent weeks. pic.twitter.com/8EHeIAnKqv
— Luke Martin (@VentureCoinist) May 22, 2020
According to one analyst named Luke “Venture Coinist” Martin (who is popular in the cryptonews for his updates and podcasts), the ETH/BTC pair is a subject to a new rally even further in the coming days.
As you can see in the chart he shared (shown above) on Twitter, amid the recent breakout, a new ETH rally could set the momentum for gains of up to 20^. He said that “ETH is rising through a key level today” and that “the previous breakouts at this level led to another +15-20% in the subsequent weeks.”
Another analyst and partner at Placeholder Capital named Chris Burniske recently wrote that he would not want to be short on ETH/BTC –
I wouldn’t want to be short $ETHBTC either 😉
— Chris Burniske (@cburniske) May 22, 2020
While the technicals may be in the court of Ethereum bulls, that is not to say that this will outperform Bitcoin (BTC) forever. Even another analyst from Hong Kong spoke about this, saying that he is currently hesitant to believe that ETH will outperform Bitcoin “due to considerable uncertainty” regarding the new Ethereum 2.0 upgrade.
ATM I am more bullish on $BTC.
We are observing the ETH2.0 transition closely to understand the crypto economic implications and impact on $ETH price.
At some point, we may turn more bullish on $ETH. It is a big event but at the moment there is considerable uncertainty.
— SpartanBlack (@SpartanBlack_1) May 22, 2020
The current price of Ethereum (ETH) on the market is $210 with a 1.47% increase on the day – and a market cap of $23.32 billion which is around three times the market cap of the third-ranked cryptocurrency, Ripple’s XRP token.
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