Ethereum has been closely tracking Bitcoin’s price action over the past several days and weeks, and this correlation has persisted when ETH dropped overnight as BTC was met with significant selling pressure within the lower-$9,000 region, which subsequently sent it reeling down to $8,700.
Bitcoin’s current bearishness has caused Ethereum to show similarly bearish signs, although one analyst is still holding strong that ETH is on track to surge as high as $260 in the near-term.
Ethereum Fails to Break Above $190 as Crypto Markets Face Increasing Selling Pressure
At the time of writing, Ethereum is trading down nominally at its current price of $187, which marks a slight retrace from its daily highs of over $190 that were set yesterday alongside Bitcoin’s surge to $9,300 – which proved to be short-lived as BTC has since retraced to $8,700.
Despite showing signs of some bearishness on a short time frame, it is imperative to note that Ethereum has climbed significantly from its one-month lows of under $160 that were set in late-October concurrently with Bitcoin’s drop to lows of $7,300.
ETH rapidly surged shortly after setting these lows, with its gains being fueled by BTC’s meteoric rally that sent it as high as $10,600 before it retraced back into the $9,000 region.
One bullish factor that could provide Ethereum’s bulls with some ammunition in the mid-term is the fact that the cryptocurrency’s network activity has been incredibly strong as of late, with its total daily gas used hitting an all-time-high this past September.
“Yesterday, the Ethereum network processed the most activity in its history,” one popular figure within the Ethereum community noted in a tweet from September.
Yesterday, the Ethereum network processed the most activity in its history. pic.twitter.com/gWxkEad6z7
— eric.eth (@econoar) September 17, 2019
Will ETH Target $260 Next?
As for where this underlying fundamental bullishness could send ETH’s price, one popular cryptocurrency analyst believes that Ethereum is currently on track to visit $260 next.
Josh Olszewicz, a well-respected analyst on Twitter, explained that ETH will be “good to go” towards this price target once it breaks above the resistance it currently faces between $188 and $198.
“1D $ETH: 404: volume not found. e2e continues to grind towards inevitability. should b g2g past res of 188-198. hf scheduled dec 4th,” he explained while referencing the chart seen below.
404: volume not found
e2e continues to grind towards inevitability
should b g2g past res of 188-198
hf scheduled dec 4th pic.twitter.com/p6Bu80p02Y
— Josh Olszewicz (@CarpeNoctom) November 10, 2019
In the near-term, it is probable that Ethereum’s price action will largely be guided by that of Bitcoin, but assuming that BTC finds some stability or even some tempered upwards momentum, then investors may watch ETH post significant gains.
Featured image from Shutterstock.