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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts
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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Ethereum Prepares to Take $200 as Bulls Send Crypto Flying

Nick Chong
Nick Chong
5 years ago
2 mins read

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Like the rest of the crypto market, Ethereum, too, has performed extremely well over the past hour. The second-largest cryptocurrency, which traded around $183 for most of Wednesday, surged as high as $195 just minutes ago on the back of a short squeeze in the Bitcoin derivatives market, which pushed the asset up nearly 10% in under 30 minutes.

Ethereum, unfortunately, didn’t benefit as much as the market leader, rallying a mere 4%. The underperformance was presumably due to the fact that the cryptocurrency outperformed Bitcoin yesterday, making this anomaly a mere sign of the two assets getting square.

Ethereum Could Rally Even Higher: Analysts

With Ethereum making a run on the $190 price zone for the first time since the “Black Thursday” crash, analysts believe that there’s more upside in cards for ETH for a variety of reasons.

Prior to this move, crypto trader Hsaka remarked that the recent price action has allowed ETH to “break its pivotal $175-180 zone,” adding that historical moves around this price have always seen “substantial follow through.”

Ethereum bullish continuation

Indeed, when ETH finally broke past this region in January of this year, it quickly rallied towards $290, and once the zone was lost as support in November of last year, a rapid drop to $120 followed suit.

This bullish sentiment has been echoed by another trader in the crypto space, who shared that Ethereum’s inverse chart resembles a “2017 pump in the process of a full retrace,” with his chart showing that Ethereum was recently rejected by a key resistance level.

As the chartist was referencing an inverse chart, what actually happened was ETH painted a clean bounce off the $148 support, boding well for the bullish narrative. The “full retrace” he’s expecting playing out will take Ethereum to $290 within the coming weeks and months.

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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