While Bitcoin and the bulk of altcoins have struggled to recover from recent losses, Ethereum’s price has been outperforming them.
ETH price has remained steady against BTC, achieving a three-year high on the ETH/BTC chart, despite the second-largest cryptocurrency by market capitalization falling to a three-year low of $3,400 over the weekend.
On the ETH/BTC chart on December 5, the Ethereum price hit a three-year high, reaching 0.857 BTC, the highest level since May 2018. Despite the market crisis on December 4, the layer 1 token has regained the majority of its losses, while Bitcoin and other altcoins continue to struggle.
Ethereum (ETH) Price Epic Rally Ahead!
Ethereum, the dominant smart contract platform, is expected to have a tremendous rebound, according to a well-known crypto strategist and trader (ETH).
After breaking out of a bullish continuation pattern against Bitcoin (ETH/BTC), crypto expert Justin Bennett tells his 93,500 Twitter followers that Ethereum is now in “full beast mode.”
He notes that ETH is now above 0.082 BTC ($4,138.70) and climbing and the objective is 0.10-0.11 BTC ($5,047.20-$5,551.92). Hence, there’s still room to move higher in the next few weeks. The objective from the January breakout is 0.16 BTC ($8,075.52), he added.
ETH/BTC is presently trading at 0.085 BTC, implying a potential gain of 90% if the pair reaches Bennett’s second objective.
Even after this weekend’s severe corrective move, the second-largest crypto asset by market size, Ethereum, according to the crypto strategist, still appears relatively robust against the US dollar.
He says that It’s hilarious that the second-largest cryptocurrency by market capitalization is down 14% from its all-time high, while many on Twitter are acting as if the sky is falling. Although one needs to be cautious, panic is not necessary, he adds.