Ethereum has been closely tracking Bitcoin and the aggregated crypto markets over the past several days, which means that ETH\u2019s multi-day price action has primarily favored sellers.<\/p>\n
In spite of this, ETH is still trading up significantly over a weekly period, and the cryptocurrency has been able to build some short-term momentum today, allowing it to outperform Bitcoin by just over 1%.<\/p>\n
One prominent analyst is now noting that Ethereum could be on the cusp of a major parabolic bull movement in the coming couple of weeks, which could allow it to rally as high as $850.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up just over 1% at its current price<\/a> of $168, which marks a notable climb from its daily lows of $166.<\/p>\n While zooming out and looking at ETH\u2019s weekly price action, it is clear that the crypto is still caught within a firm uptrend despite its recent rejection at $175, as it is currently up significantly from seven-day lows of $155 that were set last Tuesday.<\/p>\n This uptrend did show some signs of faltering following the crypto\u2019s rejection at the aforementioned level, as this sharp drop was followed by another attempted selloff that was absorbed by buyers around the $162 level.<\/p>\n The Crypto Dog, a prominent cryptocurrency analyst on Twitter, explained in a tweet that he believes Ethereum is currently more bullish than Bitcoin<\/a>, which could be partially due to its current tempered signs of bullish.<\/p>\n \u201cI think $ETH looks more bullish than $BTC right now,\u201d he explained.<\/p><\/blockquote>\n https:\/\/twitter.com\/TheCryptoDog\/status\/60413696?s=20<\/p>\n It is imperative to note that ETH is currently hovering just below a key multi-year downwards trendline, which has led many analysts to note that a break above this line could catalyze a massive upswing.<\/p>\n Galaxy \u2013 one popular cryptocurrency analyst who has been closely monitoring this trendline \u2013 explained in a recent tweet that a break above this line could spark a parabolic movement that allows ETH to move towards $850, which would mark 400% climb from its current prices.<\/p>\n \u201c$ETH is weeks away from breaking out its 2-year downtrend. Possible Bull signal incoming next week. February is take-off month,\u201d he explained while pointing to the charts seen below.<\/p><\/blockquote>\n $ETH<\/a> is weeks away from breaking out its 2-year downtrend.<\/p>\n Possible Bull signal incoming next week.<\/p>\n February is take-off month. pic.twitter.com\/G7MUzIA03Y<\/a><\/p>\n — Galaxy (@galaxyBTC) January 21, 2020<\/a><\/p><\/blockquote>\nWill ETH\u2019s Current Bullishness Result in a Parabolic Rally?<\/strong>\u00a0<\/strong><\/h2>\n
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