- Ethereum price action shows that it has been tracking Bitcoin closely recently
- The movement has caused the crypto to see some turbulence along the way
- The decline was short-lived in any case and the bulls were able to return
Ethereum News Today – the price of Ethereum has been tracking that of Bitcoin closely in recent trading sessions. The price movement has caused the digital asset to face some turbulence along the way. This causes a short-lived decline as the bulls retook control and the coin posted a fresh rise.
Analysts are now noting that the current upside movement for the asset could spread to the rest of the market. ETH could perform outstandingly in the mid-term outlook. Another digital asset analyst is pointing to the coming ETH 2.0 upgrade as a bullish trigger that could spark a rise to the $700 mark.
Ethereum Has Been Moving on Sync With the Rest of the Market
Ethereum and the rest of the altcoin market have been moving in the same pattern as Bitcoin recently. This has contributed to the extended consolidation phase that has been seen recently. There is a strong chance that ETH will struggle to gather any momentum independent of Bitcoin in the near-term outlook.
One analyst has pointed towards the coming Phase 0 rollout of the ETH 2.0 upgrade describing it as a catalyst for any upside movement. This could be starting in one week. He notes that even though ETH doesn’t look as technically bullish as BTC currently, news surrounding the beginning of ETH 2.0 could clear the way for a move to $700 in the near-term. At press time, Ethereum is down by 2% and changing hands at $369. This is the same price that it has been trading in the last few days.
ETH 2.0 Phase 0 Going Live Could Trigger Move To $700
Even though the price of ETH has been sliding lower since it lost its place above $380, the recent descent for the asset has come in a slow grind lower form. This move has allowed the price of Bitcoin to outperform which is ETH. This trend may likely persist until the trading volume goes higher. While sharing his position on Ethereum, one digital asset analyst noted that the launch of Phase 0 of the ETH 2.0 upgrade could be just what the coin needs to rally higher. The analyst is setting his sights at $700.
“For those asking, $700 isn’t too far anymore. ETH 2.0 Phase 0 in one week could be one of the bullish catalysts although it doesn’t look as bullish as BTC. I will be making a mistake not to have. It’s the lifeline of altcoins ETH will see massive changes ahead.”