Ethereum (ETH), the second-largest crypto by market capitalization, has been in the spotlight due to its price action. A notable crypto analyst, Pentoshi, shed light on the asset’s price trajectory, suggesting a possible uptick in value if current conditions prevail. It is worth ...
It is worth noting that this analyst’s predictions come at a time when Ethereum trails behind Bitcoin’s recent price rally. Notably, while Bitcoin has recorded a 12.5% increase over the past week, Ethereum’s gains are modest, rising by 8.4% during the same timeframe.
Ethereum Price Bracket Significance
$ETH Closing this weekly back inside the range opens up the doors to $2,200Despite it severely underperforming BTC it’s now beginning to enter the demand zone on the btc /eth ratio
BTC is bullish as long as above the 31.5-32.5k area thus I’ll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O
Bitcoin’s Bullish Standpoint Maintained
Pentoshi is bullish on Bitcoin, the pioneer cryptocurrency, provided it remains above a particular threshold. The $31,500 and $32,500 area is highlighted as Bitcoin’s support zone. The analyst maintains that staying above this range could sustain the positive outlook on Bitcoin.
However, a dip below these levels would suggest re-evaluating this bullish analysis. Regardless, Bitcoin does not currently appear to be moving towards any support but instead seems to be pushing above any resistance.
Featured image from Unsplash, Chart from TradingView