Ethereum and the aggregated crypto markets have incurred a decent amount of buying pressure today which coincided closely with Bitcoin’s rapid surge into the upper $11,000 price region.
This price surge marks an extension of the choppy price action that the markets have incurred over the past several days, and analysts are now noting that Ethereum may be posed for significantly further gains in the near-term due to the aggressive buying pressure that is underlying its latest move up.
At the time of writing, Ethereum is trading up over 3% at its current price of $308, up significantly from its daily lows of $293.
ETH’s latest move up has allowed it to climb to fresh weekly highs, although it is still down significantly from its one-month highs of $353 that were set in late-June when Bitcoin parabolically surged to $13,800.
Ethereum’s price surge today has been driven by an influx of buying pressure, which is reflected in its 24-hour volume, which has risen from recent lows of $7 billion to its current levels of $9.3 billion.
Importantly, although ETH has experienced some positive price action today when denominated against USD, it is currently trading down over 1% against its BTC trading pair, and one analyst believes that this could signal where it is going next.
Although Ethereum’s BTC trading pair may spell trouble for its near-term price action, another popular figure within the cryptocurrency markets is quick to note that ETH has been incurring aggressive buying pressure in recent times.
Su Zhu, another popular analyst on Twitter, explained that most funds were previously underweight in Ethereum, which may be the root cause behind the recent influx of buying pressure.
“$ETH for the last week is the most aggressively upward-moving large-cap alt. I’ve seen some ppl tweet that this means there will be an alt szn, but I think most alts will continue to underperform in ETH terms. Speaking across the fund manager space, everyone is underwgt ETH,” he explained in a recent tweet.