KEY POINTS

  • Ethereum is now trading at $170
  • ETH must flip $160 to continue the bullish momentum
  • ETH is about to break out of a six-month accumulation phase

Bitcoin (BTC) is on a three-day rally and has finally gotten over the $8,800 hump, managing to trade above $9,000 at least before falling back under it as of press time. Similarly, the altcoin Ethereum (ETH) is also down a similar path of three straight days in the green.

Ethereum was just a hair away from its 2020 highs of $175 and currently trades at $170. On Thursday, a popular trader who goes by Galaxy on Twitter predicted that ETH could go parabolic if it breaks a certain trendline on an ETH/UDST log chart and make a run to $850 by August or September, with a $200 price tag already by February.

Satoshi Flipper, another frequently cited crypto analyst, also doubled down bets to $335. On Monday, Satoshi Flipper reiterated a similar bullish view about Ethereum, saying: "And while everyone is finally getting bullish on $ETH, me and my followers have been buying since $131. Price today? $170."

Last week, Satoshi Flipper's message was the same. The catalyst for almost a 100 percent move is the halving not being priced in, and to Satoshi Flipper, this kind of event that happens once every four years screams bullishness.

But for ETH to continue the bullish momentum, elevateUX founder Posty tweeted that price should move past $169 first. "$ETH Pretty much covered the full range in between my levels last week. Didn't quite touch $153 but buyers clearly stepping in. $169 needs to be flipped to be bullish," the founder wrote.

An altcoin market rally is also brewing, according to another analyst, Bitcoin Jack. He thinks that it is about to break out of a six-month-long accumulation phase. 

"The alt market vs $BTC is looking more and more like it will finally pop and confirm a 6+ month accumulation Could be a cyclic bottom That means having the right alts is something you should plan for Many majors look primed like $XMR $ZEC $ETH $LTC," Bitcoin Jack tweeted.

If the halving does have positive effects on the rest of the cryptocurrencies not named Bitcoin, as Satoshi Flipper predicts, $170 is still a low price to hoard up on ETH considering a likely 100 percent surge.

Ethereum Ethereum hits a new high, continues it massive climb. Photo: David McBee/Pexels