Ethereum Shows Signs of Strength, Analysts Expect a Clean Climb Up to Higher Highs

Ethereum shows signs of strength, a major indicator for price pumps

Analysts expect a clean climb up to higher highs

BTC price might drop while altcoins could grow more bullish.

The crypto market is showing steady signs of recovery as both the pioneer crypto asset Bitcoin (BTC) and the pioneer altcoin asset Ethereum (ETH), retake slightly higher price targets. At the moment, Ethereum shows signs of strength and analysts expect a clean climb up to higher highs, and possibly a string of new ATH prices, once the price of ETH reenters its price discovery region

Ethereum Shows Signs of Strength

The pioneer crypto asset has been trading in steady and slow sideways movement for days. In fact, it only just broke out of trading in the $110,000 price range and is currently trading in the $111,000 price range. Just last month, BTC went on to set a new ATH price in the $124,000 price range in August, just above its previous ATH in the $123,000 price range. After 10 days, the price of ETH followed suit

In detail, ETH went on to hit its first ATH this bull season at the $4,900 price range, just above its previous ATH at the $4,800 price range. Since then, both BTC and ETH prices have fallen dramatically, especially BTC. While the price of BTC fell as far as $110,000, the price of ETH fell as low as $4,100 and is now trading back above the $4,300 price range after dipping temporarily to the $4,200 price range yesterday

This shows that ETH has been consistently outperforming BTC over the last few weeks. At the moment, sentiments are higher than they were the last few weeks, when the focal prediction for the crypto market was that the price of BTC will fall below $100,000 based on the historical data that the month of September always being a bearish red month. This led many analysts to believe that a heavy correction phase was on its way for the crypto market.

A Clean Climb for Higher Highs

This correction phase is expected to begin in the latter half of September when the Fed will likely announce a rate cut. While the price of BTC is expected to fall to 5-digit prices, ETH and altcoins are not expected to see a drastic drop. In fact, many believe that ETH and altcoins could go on to flourish as BTC Dominance falls, meaning new ATHs for promising altcoins could be expected.

As we can see from the post above, this analyst believes that the pioneer altcoin asset Ethereum (ETH) is showing a major sign of strength. He says that ETH is pushing higher without the excessive long positioning (high funding rates) that preceded past tops. He concludes by saying that this move could lead to a more durable climb. Could ETH be reentering its price discovery phase soon?