Ethereum’s price now catching up to Bitcoin as it soared overnight after several days of underperformance.
Just before it encountered any resistance, it saw a huge overnight rally. Because of this rally, it went all the way up to highs of $415.
A few days ago, it went down to lows of sub-$370 and this rise marks a notable climb from its recent lows.
Moreover, several analysts think that it will trigger the DeFi trend.
Specifically, one trader believes that in the coming months, ETH’s macro strength could lift it over 100% higher. It would then target a move to $900.
This uptrend happened as Bitcoin consolidates just below $13,000. Furthermore, it managed to maintain nearly all of its recent gains overnight. This is a positive sign for buyers.
Bitcoin will have a big influence on where the entire market trends next. However, one certain analyst is thinking that ETH could rally to $900 considering its independent macro strength.
ETHEREUM SOARS OVERNIGHT
Bitcoin broke above $12,000 earlier this week, thus starting the current uptrend. On the other hand, this took place without any upwards movement in other altcoins.
However, when major altcoins started seeing notable momentum, the trend began changing.
ETH went as high as $400 but it encountered a firm resistance that drove it back below $390. It has then performed notably higher since then.
Now, it trades up well over 5 percent with the current price of $415. It seems that it faces some resistance at this level.
ANALYST: ETH COULD RALLY TO $900 AS MACRO MARKET STRUCTURE STRENGTHENS
One analyst shared his thoughts about where this imminent bull trend could drive ETH to. He is keeping an eye for an over 100% upswing past $900 in the few days ahead.
ETH would be affected by how Bitcoin trends in the few days ahead. But ETH may soon be able to have independent momentum.