Ethereum Bulls Could Push Price to $160, But Macro Outlook is Bearish; Here’s Why

Ethereum and most major altcoins have incurred significant upwards momentum over the past day, which stems from Bitcoin’s notable surge from lows of $6,800 to highs of $7,400. ETH, which is slightly underperforming BTC, has been able to reclaim its positive within the $130 region, and is showing growing signs of bullishness.

In the near-term, one prominent analyst is noting that ETH may continue surging until it reaches $160, but it is important to note that there are multiple factors that may hamper its mid-term price action.

Ethereum Climbs 5% as Bulls Take Control Of the Crypto Markets 

At the time of writing, Ethereum is trading up just over 5% at its current price of $134.20, which marks a notable climb from its daily lows of $127 that were set yesterday in tandem with Bitcoin’s drop to lows of $6,800.

Yesterday’s bearishness was widespread across the aggregated crypto market and had led many analysts and investors alike to believe that Bitcoin and other major cryptos were bound to revisit their multi-month lows.

Today’s bullishness signals that buyers are still stronger than they previously appeared to be and may point to the possibility that the markets will see further upside in the near-term.

It is important to note that one analyst still believes Ethereum’s price action is generally bearish, as a myriad of different factors point to the possibility that it will eventually drop back towards, or even below, its multi-month lows of $120.

“$ETH | USD: Hard to be bullish on ETH with Bitcoin falling below the midrange. Daily and 12h are fully bearish, and just got joined by the 4h with a bearish Kumo Twist and TK Cross. Like Bitcoin, showing a Div on the 4h, expecting a bounce soon,” Smokey, a popular crypto analyst on Twitter, explained in a recent tweet.

Will ETH’s Momentum Lead It Up to $160?

In spite of these bear-favoring factors, it is important to note that other analysts still believe that Ethereum could continue surging until it reaches $160, which may be where it meets enough selling pressure to halt its ongoing rally.

Mayne, another popular crypto analyst and trader, spoke about this in a tweet, explaining that he anticipates ETH to outperform Bitcoin in the near-term.

“I’m flat on $BTC, still long $ETH, got stopped on a long at $6.9, had orders at the breaker but pulled it. Most of my feed is fading this move fwiw. I don’t like trading at the range EQ, I prefer to short when we are in a premium and long at a discount,” he noted, while pointing to the target seen on the chart below.

It is highly probable that Ethereum’s price action will still remain largely dependent on Bitcoin’s in the near-term, and a failure for BTC to hold above its support in the lower-$7,000 region could mean ETH will see significantly further downside.

Featured image from Shutterstock

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Source: Newsbtc

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