2019 proved to be a positive year for the aggregated cryptocurrency markets, with Bitcoin posting a stunning surge of nearly 100%, while altcoins had mixed performance, with Ethereum (ETH) dropping marginally while XRP posted a massive 45% drop.
Analysts are now noting that Ethereum could be on the cusp of seeing significantly further gains, with the strong support around its current price levels potentially allowing it to surge as much as 100% in the near-term.
Ethereum Breaks Back Above $130 as Bulls Continue Defending Key Support Region
Over the past few weeks, ETH has been finding significant support within the $120 region, with its multi-month lows currently existing at $120 and another key support level existing at $125.
The cryptocurrency’s ability to hold strong above this support region certainly enhances the bullish case for the cryptocurrency and may point to the possibility that it will see significantly further upside in the near-term.
Scott Melker, a popular cryptocurrency analyst on Twitter who goes by the pseudonym “The Wolf of All Streets,” spoke about this in a tweet, saying that the significant support in the $120 region is why he thinks the crypto looks “decent” at the moment.
“$ETH / $BTC (Daily): The larger range is the key (light blue). You can tell this is a meaningful range by the clear action around the EQ (dashed line). Blue lines are significant support and resistance and price reacted nicely to the lower one, hence why I think ETH looks decent,” he explained while pointing to the chart seen below.
The larger range is the key (light blue). You can tell this is a meaningful range by the clear action around the EQ (dashed line). Blue lines are significant support and resistance and price reacted nicely to the lower one, hence why I think ETH looks decent. pic.twitter.com/5rYepuCVoe
— The Wolf Of All Streets (@scottmelker) January 1, 2020
Could This Support Send ETH Surging Over 100%? One Analyst Thinks So…
As for what this strong support could mean for where Ethereum will head next, DonAlt, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that ETH is currently caught in a wide trading range that could ultimately lead its price to surge as high as $268 in the near-term, which would mark an over 100% jump.
“$ETH Time to play the range,” he said while pointing to the chart seen below.
Time to play the range. pic.twitter.com/I5EFZpG6Tt
— DonAlt (@CryptoDonAlt) January 1, 2020
The coming days and weeks will provide deeper insight into just how bullish Ethereum is in the near-term, as a failure for it to sustain its slight bullishness could lead it to drop back down to its key support within the lower-$120 region.
Featured image from Shutterstock.