- Ethereum is moving higher today in tandem with Bitcoin after bearing witness to some intense selling pressure yesterday
- The cryptocurrency has primarily been consolidating as of late, with bulls and bears being unable to spark any clear trend
- This has caused ETH to see severe underperformance of Bitcoin, with the benchmark cryptocurrency far outpacing it as of late
- Where Ethereum trends in the near-term may depend largely on where the aggregated market moves as election day arrives
- One trader is noting that mounting buy-side demand suggests that Ethereum will soon rally up towards $445 in the days and weeks ahead
Ethereum and the aggregated altcoin market have been caught within a bout of sideways trading over the past few weeks, with smaller digital assets failing to match the momentum seen by Bitcoin.
This underperformance isn’t entirely unexpected, as it highlights a relatively common trend seen during early-stage bull runs where Bitcoin captures that majority of the capital inflows before traders rotate into higher-risk assets like altcoins.
Because Bitcoin has proven that its rally is sustainable, investors may soon begin directing more capital towards Ethereum and other cryptocurrencies that have been underperforming.
Ethereum Continues Consolidating as Bitcoin Retests $13,800 Resistance
At the time of writing, Ethereum is trading down marginally at its current price of $382. This is around the price at which it has been trading throughout the past few days.
Meanwhile, Bitcoin is attempting to retest its crucial $13,800 resistance level that has been suppressing its uptrend over the past week.
If this level is firmly broken, then the crypto could be on the cusp of seeing a leg higher that leads it up towards its previous all-time highs.
Trader: ETH Likely to Rally Towards $445 in Coming Weeks
He is targeting a move towards $445 before it faces some intense resistance that slows its ascent.
“ETH: Not looking bad. Swept last weeks low into blue weekly demand. As long as we hold above blue, expecting upside towards unswept highs into $445 area. Let’s see what we get,” he said, pointing to the levels marked on the below chart.
Image Courtesy of George. Source: ETHUSD on TradingView.
So long as Bitcoin remains stable following the election and pushes higher, there’s a strong chance that Ethereum and other altcoins will soon see further upside.
Featured image from Unsplash. Charts from TradingView.