Ethereum (ETH) and Bitcoin (BTC), which are driving the recovery in the cryptocurrency market, are back in the green and so are most altcoins.
The second-largest cryptocurrency by market cap has experienced an uptrend over the past week, rising by 27% and 13% over the past 24 hours.
According to a well-followed crypto analyst, top smart contract platform Ethereum, which is starting to show signs of strength, is preparing for a significant surge. After ETH broke its resistance at $1,281, pseudonymous crypto strategist Altcoin Sherpa informed that he expects a significant increase for Ethereum in the coming weeks.
The crypto analyst warned that despite short-term bullishness on the top altcoin, gains are unlikely to mark the start of a new bull cycle.
“There are some levels here. I think we see something like $1,700-$1,900 in the coming weeks. This is not a macro reversal, in my opinion, just another bear market rally. Exponential for the first time since the end of March The moving average slipped sharply on the four-hour chart.At the time of writing, Ethereum is trading at $1,522. If the price moves towards the objective of Altcoin Sherpa then the potential upside for ETH is around 40%.