Following legacy markets, Ethereum and XRP have undergone strong corrections over the past week. According to an analyst, though, the price of ETH could soon undergo a bullish recovery above $400.
This comes as analysts have affirmed that ETH’s fundamentals are more bullish than ever. These fundamentals include persistent development in decentralized finance and development in scaling solutions like ETH2.
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This XRP Fractal Suggests It’s Time for an Ethereum Recovery
Ethereum is primed to move back above $400 in the near future if it is to follow the trajectory of XRP, one crypto analyst observed on September 22nd.
The analyst shared the chart below, which suggests that XRP’s price action is moving ahead of Ethereum. Should this relationship continue to play out, ETH will bounce at current prices towards and above $400, at which point it will reject.
“#XRP and #Ethereum: Something I’ve been keeping an eye on and why I’ve been looking for longs on this #ETH dip. Similar price action and levels being respected between the two charts. Lately XRP has been a little ahead of BTC and ETH on the way up and back down.”
Chart of XRP's recent price action and ETH's price action over the past few weeks with a fractal analysis by crypto trader NebraskanGooner (@nebraskangooner on Twitter). Chart from TradingView.com