- Ethereum’s price broke above a crucial resistance in the short-term
- The digital asset is targeting a fresh rally to 0.032 SATs
- ETH may force a breakout move in BTC’s market
Ethereum News Today – the number two largest crypto is eyeing a huge breakout to 0.032 SATs. At least that’s what crypto analyst Peter Brandt believes. The veteran cryptocurrency strategist predicted that the altcoin rally should Ether price higher. Ethereum is now performing better since the “halving” event that occurred on May 11.
The ETH/BTC pair has climbed by 24% to 0.0263 SATs from its the position it reached that gave rise to the May 13 low. ETH’s gains have picked momentum as we continue the current week. The price of Ethereum has risen faster when compared to Bitcoin in the USD markets. This has been the overall outlook for altcoins as some rallied by as high as 40% in only 24-hours of trade.
Bitcoin’s Correlation With ETH has Caused the Latter to Move Higher
Bitcoin’s record-setting positive correlation with ETH has prompted Ether to move higher. Bitcoin’s correlation efficiency with Ether currently stands at 0.87, which reflects a higher rate of mirrored price actions. As BTC rises even if it’s by smaller percentages, altcoins with low volume and liquidity go higher.
Ether remains well-placed crypto, with better on-chain metrics and an active trading community to back the surge. This explains why veteran analyst Peter Brandt sees it as an excellent trigger for the next rally. Brandt spotted Ether breaking above its technical resistance over the past week. The first ceiling was at 0.0256 SATs, and the second was at 0.02613 SATs. That marked a short breakout for Ethereum since the coin has been looking to close above the above-mentioned resistances since April.
An Ethereum Breakout is Fast Approaching
Brandt noted that ETH/BTC might head higher to test a high at 0.02851 SATs. The analyst extended his bullish target for the price of Ethereum against BTC to 0.03276 SATs. He didn’t mention the factors that would propel ETH/BTC higher but he noted that such a breakout would trigger an altcoin rally. The comments came up in the wake of a drop in Bitcoin’s dominance. As the number one cryptocurrency by market cap remained stuck between the $9,500 and the $9,000 in the last three weeks, crypto traders moved to smaller-cap tokens. The idea is to secure their short-term gains from high volatility.
According to the macro investor, Raoul Paul, an altcoin rally is set to commence soon. He added that it would need Bitcoin to break its stiff long-term resistance position. Considering the correlation between Ether and BTC, the former may rise in the latter’s market.