Ethereum (ETH) and the aggregated cryptocurrency market has incurred some notable upwards momentum today, snapping the multi-day downtrend that the market had previously been caught within.
Today’s ETH rally marks a bounce at a key support level that analysts were watching, leading some previously bearish analysts to flip neutral, while bull-biased analysts grow incredibly optimistic.
One top analyst is now noting that he believes Ethereum could now be poised for a sharp upwards movement up towards $300, with a potential rally to this level marking a rise to fresh 2020 highs for the cryptocurrency.
Ethereum Rallies Towards $230 After Recapturing Key Level
At the time of writing, Ethereum is trading up 3% at its current price of $228, which marks a notable climb from daily lows of $215 that were set yesterday in tandem with Bitcoin’s decline to lows of $8,400.
Bitcoin’s bounce at this level has created an upwards tailwind that has allowed Ethereum and other major altcoins to incur some notable momentum.
Today’s rally also marks the first notable bounce seen in multiple days, with the markets previously being caught within a firm downtrend before entering a bout of sideways trading yesterday.
Luke Martin, a prominent cryptocurrency analyst on Twitter, spoke about Ethereum’s technical situation in a recent tweet, explaining that its recent break below $224 had led him to think further downside was imminent, but its ability to recapture this level has led him to flip back to being “neutral.”
“Last week the only thing I traded actively was shorting ETH. The breakdown of 224 made me think that the downside would continue this week. But now I’m seeing that view almost be invalidated Monday morning. Back to neutral on ETH,” he noted.
Last week the only thing I traded actively was shorting $ETH.
The breakdown of 224 made me think that the downside would continue this week.
But now I'm seeing that view almost be invalidated Monday morning.
— Luke Martin (@VentureCoinist) March 2, 2020
ETH Poised for a Rally to $300 as Technical Situation Grows Bullish
Although Martin is currently neutral on ETH, Galaxy – another popular cryptocurrency analyst – explained in a recent tweet that he believes the crypto could be well positioned for a movement to fresh 2020 highs.
While looking at the chart referenced by Galaxy, it appears that this bullishness stems from the crypto’s ability to bounce at a key support level and remain above the descending resistance line it recently broke above.
“Started to build an ETH long. Thinking of $280-$300 by the end of the month. Send,” he explained.
Started to build an $ETH long.
Thinking of $280-$300 by the end of the month.
— Galaxy (@galaxyBTC) March 2, 2020
As long as Bitcoin and the aggregated market are able to further extend this newfound momentum, it is a strong possibility that Ethereum will recoup some of its recent losses.
Featured image from Shutterstock.