While the current parabolic Bitcoin rally has caused the altcoin market to bleed out, many of the large cap crypto such as Ethereum recently bounced at long-term support, and are expected to rally significantly in the coming days as Bitcoin consolidates.
Crypto investors across the market are particularly bullish on Ethereum, which has been underperforming in recent weeks compared to Bitcoin and other cryptocurrencies. Targets of $300 or more to the upside are expected for the cryptocurrency created by Vitalik Buterin.
Collective Crypto Market: Ethereum Reached BTC Ratio Bottom, Time for Liftoff
Bitcoin’s recent rally was met with much disbelief, as the leading cryptocurrency by market cap made a powerful exit out of the bear market, confirming the bottom is in, and potentially reigniting a bull market in a matter of a little more than a month.
Related Reading | Will Ethereum Surge Past $300 When Bitcoin Finally Corrects?
With such bullish sentiment back in the crypto market, and with Bitcoin price charts leading the way, potentially revealing how certain major altcoins might perform, has given crypto investors a boost in confidence surrounding Ethereum.
Do you guys have any idea how much $ETH will pump once it wakes up?
It’s gonna be ridiculous, just like last bull run. $ETH is like an index fund of altcoins.
— Bitcoin Macro (@BTC_Macro) May 14, 2019
Reading through the collective comments and thoughts from crypto Twitter personalities to top-commented threads on crypto trading sub-Reddits, it’s clear that most of the market expects Etheruem to make a major rally in the coming days, both in terms of USD value, but even more so in terms of the cryptocurrency’s ratio relative to BTC.
alright, time to send it $ETH nerds 🚀 pic.twitter.com/A97NwchWhF
— Satoshi Sonic (@SatoshiSonic) May 14, 2019
Elliot wave theorists believe the cryptocurrency is about to start impulse wave three of five, taking the price of Ethereum to targets at $240, $300, $320, and then some.
when $eth breaks this upper channel it will go full retard parabolic.
until then, it can pullback here within channel, but imo any weakness should be bought.
tick tock. pic.twitter.com/At6RDg0w7O
— 🍄🌲BenjaminBlunts🌲🍄 (@SmartContracter) May 14, 2019
Some of the highest targets being shared are from prominent TradingView crypto analyst Jacob Canfield, who has spotted a fractal in Etheruem price charts that suggest that the price per ETH could skyrocket to $540, which would bring the cryptocurrency to the 0.618 Fibonacci retracement level.
Very heavy in $ETH.
I gave the recommendation to load up at $160 with a target of $308 on 4/22/2019.
Very similar pattern from back in 2017 that I remember trading into. pic.twitter.com/5dJUwuKjYt
— Jacob Canfield (@JacobCanfield) May 15, 2019
ETH/BTC also looks set to perform, with upside targets of 0.04 and 0.06 on the ratio expected, according to crypto trader GalaxyBTC. ETH/BTC bounced at long-term support at 0.025 and has already climbed above 0.029 and is flirting with a break of 0.03.
Switching attention to big alts.
First buy is $ETH.
Great R/R on the BTC pair. Just a matter of time. pic.twitter.com/remtKkDvET
— Galaxy (@galaxyBTC) May 14, 2019
Past comparisons show that Ethereum and Bitcoin have slightly different ascent patterns, with Ethereum spiking strongly upward while Bitcoin shows more of a parabolic curve. Prior to the last bull run, Ethereum painted a pattern very similar to current price action. If history repeats itself, Etheruem will rise significantly in the coming days.
$BTC vs $ETH – 2018 pic.twitter.com/e2MrjFhqYM
— RJ (@RJ_Killmex) May 13, 2019
Ethereum was a major catalyst in helping cryptocurrencies enter the public limelight, and was a significant influence on the ICO craze that brought investors unheard of riches and returns. Once the bubble popped, though, ICO treasuries selling off their holdings caused the crypto to suffer among the worst out of any other altcoins.
Both $BTC / $USD and $ETH / $BTC looking mad bullish right now just saying 👀
— The Crypto Dog📈 (@TheCryptoDog) May 15, 2019
Featured image from Shutterstock