“All right, this one is moving upwards and that’s good. However, the crucial hurdle is around $366-375 to break. If that breaks, $ETH is ready for $415. If not, I assume $280 as a likely possibility for further corrective movements in Q4.”
While Ethereum may be in no man’s land in and of itself, Bitcoin’s price action will dictate that of altcoins moving forward.
Analysts are optimistic about BTC after the coin surged towards $11,000 on Sunday evening. The surge convinced many that the prevailing short-term trend is bullish as opposed to bearish.
As reported by Bitcoinist previously, one analyst shared the chart below. It shows that Bitcoin’s recent price action has been pivotal in that the cryptocurrency bounced off a historical support.
Further gains in the price of Bitcoin will drive Ethereum higher as the two markets are somewhat correlated with one another.
What may happen, though, is that the exact price performances of BTC and ETH diverge as fundamental trends drive the magnitude of moves in different directions. As seen over recent months, Ethereum has largely outperformed Bitcoin due to trends in decentralized finance.
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