- Bitcoin (BTC) and Ethereum (ETH) are currently driving the recovery of the crypto market.
- Crypto analyst, Altcoin Sherpa, believes that a significant surge is in store for ETH.
- “I think that we see something like $1,700 – $1,900 in the coming weeks,” said Sherpa.
Bitcoin (BTC) and Ethereum (ETH) are currently driving the recovery of the crypto market as they are once again in the green.
ETH, the second largest crypto in terms of market cap, has been experiencing a huge influx of bullish momentum and is starting to show some signs of strength. ETH also recently broke through the $1,281 resistance, which leads crypto analyst Altcoin Sherpa to believe that a significant surge is in store for ETH.
Ethereum / TetherUS 1D (Source: CoinMarketCap)
On June 17, Altcoin Sherpa on Twitter (NYSE:TWTR) said, “I think that we see something like $1,700 – $1,900 in the coming weeks. This is NOT a macro reversal, in my opinion, just another bear market rally. Exponential moving averages flipped bullish on the four-hour chart for the first time since the end of March.”
According to CoinMarketCap, ETH is currently trading at $1,534.49 after a 7.14% increase in price over the last 24 hours. The potential upside for the altcoin is almost 40% if the price does what Altcoin Sherpa believes it will do.
He also pointed to the fact that the ETH/BTC pair destroyed its immediate resistance, which could be very good for altcoins. This bullish trend for the ETH/BTC pair could indicate that alternative currencies are most probably about to outperform Bitcoin.
ETH is up about 40.64% over the last week. The altcoin’s 24-hour trading volume is also up by about 63.01% to now stand at $30,613,280,885. In terms of market cap, ETH stands at $186,803,935,671.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.