$900 Imminent? Analyst Claims Ethereum is Ready for an Explosive Move Higher

$900 Imminent? Analyst Claims Ethereum is Ready for an Explosive Move Higher

  • After days of underperformance, Ethereum’s price is finally catching up to that of Bitcoin
  • The second-largest digital asset saw a massive overnight rally that led it all the way up to highs of $415 before it found any resistance
  • This surge marks a notable climb from its recent lows of sub-$370 that were set just a few days ago
  • It has also reinvigorated altcoins, with ETH’s uptick in price allowing many smaller assets also to push higher
  • Some analysts even believe it will reignite the DeFi trend
  • One trader is now noting that ETH’s macro strength could lift it over 100% higher in the coming months, targeting a move to $900

Ethereum’s severe underperformance of Bitcoin seen throughout the past few days is currently being erased, with bulls aiming at it seeing further upside as it continued breaking all of its near-term resistance levels.
Earlier this week, Bitcoin kickstarted the ongoing uptrend when it broke above ,000, but this move came about in the absence of any upwards momentum seen by altcoins.
Image Courtesy of Galaxy. Source: ETHUSD on TradingView.

Ethereum rallied as high as 0 before facing strong resistance that sent it back below 0. Since then, it has rallied significantly higher.
Where the entire market trends next will continue depending largely on Bitcoin, but one analyst is now noting that ETH could rally to 0 based purely on its independent macro strength.
Featured image from Unsplash.
Charts from TradingView.

This uptrend comes as Bitcoin consolidates just below ,000. Overnight, it maintained nearly all of its recent gains, which is a positive sign for buyers.

Analyst: ETH Could Rally to $900 as Macro Market Structure Strengthens 

While speaking about where this imminent bull trend could lead Ethereum, one analyst explained that he is watching for an over 100% upswing past 0 in the coming few days.

Yesterday, however, this trend shifted as major altcoins began seeing notable momentum.

“Successful retest for ETH on the weekly time-frame. The next few months will be insane. Not much to say other than see you at 0,” he explained while pointing to the below chart.
It is now trading up well over 5% at its current price of 5. It does appear to be facing some resistance at this level.

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