- Ethereum is moving up along with Bitcoin today after witnessing intense selling pressure yesterday
- The cryptocurrency has mostly consolidated lately, with bulls and bears failing to trigger a clear trend
- This has resulted in ETH underperforming bitcoin sharply, with the benchmark cryptocurrency far outperforming it lately
- Where the Ethereum trends in the near future will largely depend on where the aggregate market is headed on Election Day
- A trader notes that increasing buy-side demand suggests that Ethereum will soon climb towards $ 445 in the coming days and weeks
Ethereum and the aggregate altcoin market have been trapped in a sideways movement for the past few weeks, with smaller digital assets unable to keep up with Bitcoin’s momentum.
This underperformance isn’t entirely unexpected, as it highlights a relatively common trend seen during the early-stage bull runs, where Bitcoin captures the majority of capital inflows before traders invest in riskier assets like altcoins.
With Bitcoin proving that its rally is sustainable, investors could soon start pouring more capital into Ethereum and other cryptocurrencies that have underperformed.
Ethereum continues to consolidate as Bitcoin retests the $ 13,800 resistance
At the time of writing, Ethereum is trading slightly down at its current price of $ 382. This is roughly what it has been trading at for the past few days.
In the meantime, Bitcoin is trying to retest its crucial resistance level of $ 13,800, which suppressed its upward trend for the past week.
If this level is firmly broken, the crypto could be on the verge of seeing a leg higher that will lead it to its previous all-time highs.
Trader: ETH is likely to rebound towards USD 445 in the coming weeks
A trader believes that Ethereum’s trend of underperforming Bitcoin is coming to an end due to mounting pressure on the buyer’s side.
It aims to move towards USD 445 before encountering intense resistance that slows its rise.
“ETH: It doesn’t look bad. Slipped deep into the blue weekly demand in the last few weeks. As long as we stay above the blue, we expect an upward move towards untamed highs into the $ 445 area. Let’s see what we get, ”he said, pointing to the levels marked in the graph below.
Image courtesy George. Source: ETHUSD on TradingView.
As long as Bitcoin stays stable and pushes up after the election, there is a great chance that Ethereum and other altcoins will move further up soon.
Featured image from Unsplash. TradingView charts.
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