Bitcoin’s 15% Weekly Gain Could Send Ethereum Flying: Here’s Why
Over the past few days, crypto assets — from Bitcoin and Ethereum to Dogecoin and Maker — have surged higher.
Since bottoming in the $8,200 range, the leading cryptocurrency BTC has surged as high as $9,425, marking a 15% gain. Although ETH, the second-largest cryptocurrency by market capitalization, has closely trailed Bitcoin, some say that a bigger surge for the altcoin will soon come to fruition.
Indeed, below, you can see Ethereum still trading below last week’s high of $177, despite Bitcoin trading as high as 3% above its previous local high around $9,200.
Related Reading: Scarily Accurate Analyst Gives 4 Reasons Why Bitcoin Price Won’t Crash at $8,500
Ethereum Could Soon Surge Towards $200, Analysts Say
Cryptocurrency trader Trajan of Split Capital recently noted that Ethereum’s volatility is currently lagging behind that of BTC. Despite this, he noted that as soon as ETH finds its legs, the price of the leading cryptocurrency can soon see a price of around $200 — a further 15% gain from the current price of $175.
BVOL24H back above 3 pretty quickly with OV tailing off about 5-6k during that move. 100k is still a sizable amount and I think we can refill or remove another 10k.
EVOL7D is lagging behind a bit, but as ETHUSD ends up finding its legs soon, I think we will see ~$200.
— Trajan (@trajanmex) January 28, 2020
He isn’t the only one that thinks so.
Cryptocurrency trader Polar Hunt recently noted that ETH has been trading in a descending broadening wedge pattern, an often bullish price pattern, since July of last year. With this in mind, the trader wrote:
“Current BTC price action is only here to shake you out of ETH before $238.”
Satoshi Flipper, a prominent cryptocurrency trader, recently noted that Ethereum’s weekly chart is showing relatively bullish signs after bottoming around $120.
He specifically noted that the Heiken Ashi candles, which are a special charting technique used to more easily determine trends, have turned green on the weekly chart, suggesting a medium-term bull trend is forming.
— Satoshi Flipper (@SatoshiFlipper) January 23, 2020
Flipper added that Ethereum has broken out of a falling wedge structure that constrained price action for six months, boding well for bulls.
Not to mention, analysts are currently expecting the leading cryptocurrency Bitcoin to continue to push higher over the coming days, further supporting the bullish case for ETH.
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