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Last week, a vast ETH upsurge led to a 20% gain based on the price data from Coin360. ETH’s performance was greater than for Bitcoin, which gained 9% within the period. Nevertheless, ETH’s performance was lower than other altcoins that saw massive parabolic rallies within a few days.
BSV close to 250% at the Zenith of the rally this week, ETC secured 100% gains as Zcash more than doubled. Crypto analysts worry about the immediate direction of ETH, despite its remarkable performance.
Analysts Views About Immediate Direction of ETH
Recently, Calmly, a crypto analyst, pointed out that there are distinct signs of topping in the short term on ETH’s 2-hour chart. From his chart, it is clear that ETH is showing a distinct swing failure candle, rejecting from $175. He concluded that ETH might retrace to the downside by about 10% to $150 from the current prices.
ETH’s price action is significantly reliant on Bitcoin, despite the frightening look of the crypto’s chart in the short term. However, it is interesting the stance of analysts concerning the direction of Bitcoin in the medium term.
Crypto analysts say BTC looks bullish, as Murad Mahmudav commented on the crypto’s performance on Twitter, saying bears have deluded at best, dishonest at worst. Murad drew attention to a chart showing Bitcoin’s crossing over some significant moving averages (128-day SMA, 200-day EMA, 50-week SMA, and 100-week SMA).
Additionally, the Lucid Stop and Reversal indicator showed an intensely bullish signal. The first time the indicator revealed its buy signal was in March 2019, and before then, there was a 330% rally that took the price of Bitcoin to over $10k and Ethereum inclined by a considerable percent.