After weeks of bearish price action, Ethereum is finally ready to pump as crypto bulls are stepping back into the Altcoin market.
In this cryptoanalysis, we will be taking a critical look at the ETH/BTC pair and the ETH/USD pair. We will be pointing out key levels to watch out for, important patterns currently developing on the price chart as well as giving you our forecast for the potential price movement for the coming days.
ETH/BTC Bouncing On Major Support
The ETH/BTC pair is currently trading on key horizontal support of 0.02406 and there is a very high likelihood that we might see a bounce and a price surge back to the upside in the coming days.
If this bullish price surge occurs, then the first price target to aim for is the 0.0407 resistance region. This would be a 50% move in price and a great trade setup to make money from.
However, if the ETH/BTC price breaks through the 0.02406 support region in the coming days, then we can expect to see this current sell-off in the Ethereum market continue for a while.
ETH/USD Remains Very Bullish
The ETH/USD pair on the other hand has already started its own bull run, as ETH continues to gain momentum against a falling dollar.
The price just broke through the key $500 resistance region after forming a higher low which is a very bullish sign.
If the ETH/USD price continues to trade above this resistance region, we can expect to see the bulls continue to control this market and push the altcoin price higher in the coming days.
However, if the price crashes back below the horizontal resistance, then we can expect to see more weakness come into the ETH/USD pair.
The main target for the bullish move is the $750 to $840 price region. In this region, Ethereum might encounter some resistance before either pushing higher or crashing back down.
What Does This Mean For The Altcoin Market?
Ethereum is a leading indicator of the Altcoin market. Therefore this bullish momentum we are seeing currently building up in the Etherum market will likely spill-off into other Altcoins in the coming days, providing numerous opportunities for traders to easily make money from.
For a list of the top best Altcoins to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With