Ethereum has been closely mirroring Bitcoin\u2019s price action over the past several days and weeks, which led ETH to plummet in a capitulatory fashion yesterday evening before posting a strong bounce overnight that allowed it to reclaim its position within the $140 region.<\/p>\n
One analyst is now noting that Ethereum\u2019s multi-year bear trend may soon come to an end as it expresses multiple signs that may point to hidden underlying bullishness that will ultimately lead it to surge significantly higher in the mid-term.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up roughly 1% at its current price<\/a> of $147.75, which marks a massive climb from its daily lows of $132 that were set during a bout of capitulation last night.<\/p>\n This bullish response to these lows came about concurrently with Bitcoin\u2019s surge from lows of $6,500 to its current price of $7,200, and it is highly probable that Ethereum will continue mirroring BTC\u2019s price action<\/a> in the near-term.<\/p>\n Today\u2019s bounce may also confirm the notion that ETH was close to posting a long-term bottom against its Bitcoin trading pair.<\/p>\n Jonny Moe, a popular cryptocurrency analyst on Twitter, had mused this possibility prior to yesterday\u2019s drop and subsequent recovery, and this latest price action may validate this idea.<\/p>\n \u201cPossible bottoming attempt on $ETH on the $ETHBTC pair. Interested to see how this plays out,\u201d he said while pointing to the chart seen below.<\/p><\/blockquote>\n Possible bottoming attempt on $ETH<\/a> on the $ETHBTC<\/a> pair. Interested to see how this plays out. pic.twitter.com\/mElLsLqrxE<\/a><\/p>\n — Jonny Moe (@JonnyMoeTrades) November 23, 2019<\/a><\/p><\/blockquote>\n\n