Experts Anticipate Ethereum to Follow Litecoin’s Lead and Skyrocket in Future, Here’s Why

Experts Anticipate Ethereum to Follow Litecoin’s Lead and Skyrocket in Future, Here’s Why

The aggregated crypto markets have actually been dealing with an increase of bullish momentum over the previous numerous months that is revealing couple of indications of decreasing anytime quickly. This momentum is permitting altcoins, like Ethereum (ETH), to sustain enhancing technical developments that will likely permit it to rise greater in the near-future.

Now, experts anticipate Ethereum to simulate the exceptionally bullish cost motions that Litecoin has actually made over the previous numerous weeks, which suggests that ETH might quickly set fresh year-to-date highs.

Ethereum Reaches Weekly Highs as Purchasing Pressure Grows

At the time of composing, Ethereum is trading up over 3% at its current price of $266, up from everyday lows of $254

Over a one week duration, ETH has actually climbed up considerably from lows of approximately $230, which were set late recently.

While zooming out and taking a look at Ethereum’s year-to-date cost action, it emerges that the cryptocurrency is presently in the throes of a booming market, as it has actually had the ability to reach highs of almost $290 from lows of under $100

Although ETH is presently trading a little listed below its year-to-date highs, the cryptocurrency might be sustaining a substantially bullish technical development that might permit it to rise greater and exceed its formerly developed 2019 highs.

Crypto Rand, a popular cryptocurrency expert on Twitter, discussed ETH in a current tweet, discussing that it is presently in the procedure of forming a bull pennant.

“$ ETH filling the next leg. Bull pennant on the making,” he concisely kept in mind while referencing the below chart.

Will ETH Quickly Mirror the Cost Action Sustained by Litecoin?

Over the previous month, Litecoin has actually risen considerably, ranging from lows of $60 in late-March to highs of over $140 this previous week.

Now, some experts think that Ethereum will be the next cryptocurrency that makes a noteworthy cost motion like this.

Reliable Crypto, another popular crypto expert on Twitter, discussed this in a current tweet, informing his over 40 k fans that although Ethereum might quickly mirror LTC’s bullish cost action, it might initially sustain some selling pressure around $270

” There is a great chance we turn down at $270 and boil down for last purchase the dip op. HODL’ ers need not fret about their holdings, traders might wish to think about taking some off the table quickly if they require to maximize some ammunition to purchase this possible dip,” he kept in mind in a current tweet.

As the weekend continues and Bitcoin continues climbing up greater, it is most likely that it will end up being progressively obvious regarding which cryptos will be the next ones to deal with enormous purchasing pressure that sends them rising greater.

 Included image from Shutterstock.