• 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 Leads Market with Insane Rally; Here’s Where it May Go Next

Cole Petersen by Cole Petersen
8 months ago
in Ethereum
Reading Time: 2min read
Ethereum
Advertisement
Listen to Article

Ethereum incurred some explosive momentum yesterday that allowed it to erase weeks of losses that it had posted against its Bitcoin trading pair.

This latest movement has significantly bolstered its market structure, with ETH to rallying up to its local highs of $235 that were set several weeks ago. It still has quite a way to go before it reaches its yearly highs of $290.

It is important to note that although it does seem to be overtly bullish, analysts are somewhat cautious about where the cryptocurrency could trend 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!

This weakness is rooted in a massive descending trendline that it has been respecting throughout the past several months.

If it continues struggling to surmount this level, analysts do believe it could be well positioned to see further downside in the days and weeks ahead.

Ethereum Posts Explosive Overnight Rally

At the time of writing, Ethereum is trading up just under 7% at its current price of $235. This marks a massive climb from its multi-day lows of $205.

This uptrend came about suddenly yesterday evening, and it doesn’t appear that there was any overt catalyst for this movement.

Interestingly, the cryptocurrency’s climb seems to have led the entire market higher with it, as Bitcoin was able to rally from $9,300 to $9,600 just minutes after ETH posted this movement.

One analyst recently offered a chart showing an interesting possibility – as this latest upswing came about after the crypto visited the lower boundary of an ascending channel.

Ethereum
Image Courtesy of Mohit Sorout

It is possible that this channel will help guide the crypto higher in the days and weeks ahead.

The resistance it is currently facing is rather strong, however, as this is where it was rejected at a few weeks ago alongside Bitcoin’s rise to highs of $10,500.

Ethereum is still trading down from yearly highs of $290, and it may not be able to revisit these highs until Bitcoin is able to firmly break $10,000 and leads the entire market higher.

Here’s Why ETH Could Soon Post a Notable Retrace

Ethereum’s ongoing uptrend may be short-lived, as this latest uptrend led it straight into a descending trendline that has been formed in the time following its rejection at $290.

One analyst mused this possibility in a recent tweet, offering a chart showing that this line halted the uptrend, adding that he is cutting his long positions here in anticipation of it seeing a rejection.

“ETH/BTC update: Smashed both targets; currently nearing HTF resistance; now is where I’d cut my longs,” he explained while pointing to the chart seen below.

Image Courtesy of Bagsy

If it does surmount this level, it is possible that the crypto will then target its 2020 highs of $290.

Featured image from Shutterstock.
Tags: ethbtcethereumethusdETHUSDT
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

2 days ago
Ethereum

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

4 days 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

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

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

2 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

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 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.