• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Ethereum

Ethereum is About to See Massive Upside as Bulls Move to “Cancel” Bearish Divergence

Cole Petersen by Cole Petersen
9 months ago
in Ethereum
Reading Time: 2min read
Ethereum Leads Market Surge After Posting Ultra Bullish Technical Breakout
Advertisement
Listen to Article

Ethereum, like most other major altcoins, has seen some intense upwards momentum today that has allowed the cryptocurrency to significantly extend its recent uptrend as it begins showing signs of going parabolic again.

This latest move has allowed the crypto to nearly invalidate a previously bearish technical formation that it was caught within, leading analysts to target significantly further near-term upside.

Traders are taking notice of this growing technical strength, as ETH’s open interest has rocketed by over 50% in the past several hours – a sign that active investors are anticipating it to see further volatility in the near-term.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Ethereum Shatters $200 Resistance Level as Bulls Set Their Sights on Further Upside

At the time of writing, Ethereum is trading up just under 7% at its current price of $210 – marking a notable climb from daily lows of $196, and an even more significant climb from weekly lows of $180.

Today’s upswing came about in tandem with Bitcoin’s break above the $8,000 region, and the benchmark cryptocurrency is currently flashing signs of immense technical strength that could lead may of its smaller counterparts to climb significantly further.

The lower-$200 region does have some historical importance for Ethereum, as this happens to be the level at which the cryptocurrency’s uptrend in early-February turned parabolic.

Its previous break into this region led it to climb to as high as $290 before it lost its momentum and faced a serious decline that ultimately led it to the sub-$100 region.

It now appears that the crypto is gearing up for further upside, as bulls are moving to invalidate a highly bearish ascending wedge that it has been caught within throughout the past several days.

“4h ETH trying to cancel the bear div,” one popular analyst noted while pointing to the chart seen below.

Ethereum ETH
Image Courtesy of Josh Olszewicz

The ultimate invalidation of this pattern could trigger some major volatility, and traders appear to be anticipating this – as seen by the massive climb in Ethereum’s open interest on Bitmex, per data from Skew.

Image Courtesy of Skew

Here’s How Far This Rally May Extend

Analysts seem to believe that this ongoing uptrend will lead it higher in the hours and days ahead.

One popular pseudonymous trader on Twitter explained in a tweet that he thinks Ethereum will push as high as $235 in the near-term.

“Ethereum: Held the $190 level for support and now grinding upwards. Next resistance hit here. Retest of $198 would be a potential long entry towards $226-235. Still pretty clear uptrend. As long as BTC doesn’t clearly top out, altcoins can follow suit,” he stated.

Image Courtesy of Crypto Michael

How Bitcoin trends in the days ahead could have heavy influence over whether or not Ethereum also continues pushing higher, but the overall crypto market’s outlook is looking bright.

Featured image from Shutterstock.
Tags: ethbtcethereumethusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

6 days ago
Ethereum

Ethereum Rallies Towards All-Time Highs as BTC Stalls; What Analysts are Saying

1 week ago
Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Ethereum Analyst Predicts Record High against Eerie Bearish Setups

2 weeks ago
Ethereum, ETHUSD, ETHBTC, Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Don’t Sell Your Bitcoin and Ethereum on RSI Warnings: Analyst

3 weeks ago
Bullish Continuation Pattern on Ethereum Predicts Price Over $1,500

Bullish Continuation Pattern on Ethereum Predicts Price Over $1,500

3 weeks ago
ethereum defi crypto altcoin

Ethereum “Anti-Network Effect” Shows “DeFi Has Outgrown” The Altcoin

3 weeks ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

FEB Inc. Announces a New Service, Cost-Effective PR Media Packages for East Asian Markets

January 27, 2021

Hodlnaut Partners with Crowe Singapore to Perform Independent Verification of US$106 Million of CryptoAssets

January 27, 2021

Helio Lending Pivots into Becoming a CeFi Aggregator

January 27, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.