Ethereum saw a massive breakout rally today that came about alongside Bitcoin BTC’s surge from $32,000 to highs of $38,500 came about as the result of Elon Musk changing his Twitter bio to “#Bitcoin” and calling the change “inevitable” in hindsight This dragged all the major altcoins higher, but the focus remains on Bitcoin for the time being This has caused ETH to see some slight underperformance and may result in the altcoins market stagnating while Bitcoin rallies One analyst is now looking towards potentially imminent price discovery for Ethereum He notes that assuming it tracks Bitcoin’s price action, ETH could see a rally to $3,000 in the coming few weeks

Ethereum has seen some bullish price action throughout the past several hours, with bulls sending its price rocketing up to highs of $1,440 in tandem with Bitcoin’s surge to $38,500.

The market’s immense strength that came about due to this movement is showing few signs of wavering, despite a few pullbacks.

One analyst is now noting that ETH could be on the cusp of seeing an explosive movement that sends it to fresh all-time highs of around $3,000 before it faces any massive resistance.

Ethereum Soars Alongside Bitcoin as Market Rebounds 

At the time of writing, Ethereum is trading up 8% at its current price of $1,390, which is just below its recent highs of $1,475 set at the peak of last week’s move higher.

Bulls are trying to take full control of the cryptocurrency now, despite a few failed attempts by bears to fade the pump.

Pullbacks following a massive move higher are to be expected, but there’s a strong possibility that it gets quickly erased by bulls eagerly awaiting an entry following the overnight developments.

Analyst: ETH Could See an Explosive Move to $3,000 Next

One analyst explained in a recent tweet that Ethereum could be on the cusp of seeing an explosive rally.

He notes that once it breaks above its all-time highs, the cryptocurrency will likely see price discovery that allows it to rally towards $3,000 if it copies the same pattern Bitcoin saw.

“ETH: Looking at potential scenarios for price discovery… If we keep tracking BTC’s move and put in a leg of +111%, post the real deal ATH breakout, then we interestingly will be right at $3,000. Big psychological level, same price that gave BTC a big pullback in 2017.”

Ethereum

Image Courtesy of HornHairs. Source: ETHUSD on TradingView.

The coming few days should provide insights into where BTC and Ethereum will trend in the mid-term and whether this latest surge is sustainable.

Featured image from Unsplash. Charts from TradingView.