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Ethereum has begun climbing higher after facing some intense selling pressure over the past couple of days, which sent ETH from highs of $285 to lows of under $250 before it was finally able to bounce and begin climbing back towards its recent highs.
In spite of this firm short-term bullishness, it is important to note that many analysts are claiming that the crypto could soon see further downside that leads it as low as $225.
If it does visit this region, however, those same analysts widely concur that the support here could be enough to spark a massive parabolic uptrend that leads ETH surging past $300.
Ethereum Begins Climbing Higher as Analysts Watch Key Resistance Levels
At the time of writing, Ethereum is trading up just under 4% at its current price of $265, which marks a notable climb from intra-plunge lows of under $250 that were set just over a day ago.
Ethereum’s ability to climb from these lows suggests that bulls have some intense underlying strength, and it doesn’t appear that this latest selloff was enough to invalidate the crypto’s bullish market structure.
Now, analysts are noting that ETH is fast approaching a key resistance level that must be flipped into support if bulls want to propel it past $300 in the near-term.
George – a well-respected crypto trader on Twitter – spoke about this level, which just a hair above ETH’s current price level, in a recent tweet, telling his followers that a break above it could rapidly send the cryptocurrency to $300.
“ETH: Mid is key. Flip it and say hello to $300. Might need a bigger retracement first. Sell your house if we retest $225,” he bullishly noted.
Mid is key. Flip it and say hello to $300. Might need a bigger retracement first. Sell your house if we retest $225. pic.twitter.com/DX9c5y0Jpg
— George (@George1Trader) February 21, 2020
Analysts Widely Take Sight of a Movement Past $300
George isn’t the only trader who is anticipating Ethereum to rally past $300 in the near-term, as Smokey – another top trader – explained in a recent tweet that his ultimate near-term price target for ETH exists at $350, but he believes it may first have to visit its key support around $225.
“ETH | USD | Weekly Bullish too. If it retraces, 226$ is a buy in my opinion. Already worth punting a long on ETH imo in this ascending triangle formation. Either way, 350$ is the target,” he said.
$ETH | USD | Weekly
Bullish too.
If it retraces, 226$ is a buy in my opinion.
Already worth punting a long on ETH imo in this ascending triangle formation.
Either way, 350$ is the target. pic.twitter.com/p7NON0zigZ
— Smokey 一目均衡表 (@SmokeyHosoda) February 21, 2020
The next several hours should provide some greater insights as to whether or not Ethereum will first plummet to $225 before climbing higher, as it is possible that the crypto will soon fly past its key resistance and start its next parabolic ascent.
Featured image from Shutterstock.
