ETH prices have been showing notable strength against BTC over the past couple of days. Its price movement comes after the second-largest crypto managed to rally past a key resistance level that was previously pushing it to the lower sides.
Over the last week, there was a steady increase in Ethereum above the $235 and $240 levels, with ETH prices even breaking the $245 resistance level before facing a strong selling interest near the $248 zone.
Consequently, a downside correction from the $248 swing high was followed by a break below $242. ETH price has now settled below the $242 to change hands at $239 during press time.
To kick start a fresh rally, ETH price must stay above the crucial psychological support at $230 and surpass the $240 and $242 resistance levels.
In the mentioned scenario, the bulls could likely make another attempt to clear the $248 and $250 resistance levels.
Die-hard BTC Evangelist Goes Long on ETH
After its impressive bullish run in the last week, ETH has won over some new supporters as analysts note that the cryptocurrency could be poised to see further upside.
One expert crypto trader/analyst is offering a price target that is almost 30% higher than where ETH is now trading.
Peter Brandt recently argued that ETHBTC could soon surge to 0.0327, marking a nearly 30% increase from its current price levels.
Similarly, ETH critic Tuur Demeester who has been advocating for BTC since trading at $5, explained in a recent tweet that he too is long on ETH.
He also noted that although he believes ETH has “extremely problematic” fundamentals, its technical outlook is robust, especially while looking towards its BTC trading pair.
Stellar’s XLM Sees impressive 50% Rally in 4 Days
Stellar Lumens (XLM) has rallied by more than 50% in the past few days, rising from the $0.06 mark over the weekend to around $0.09 at press time.
This strength has made XLM one of the best-performing digital currencies of the past week, with the coin only trailing big gainers like Dogecoin and Cardano.
Now, one analyst called “PostyXBT” argues that XLM’s ongoing breakout has longer-term legs, sharing the chart below, which shows that against BTC, XLM has easily broken a one-year range.