Ethereum has incurred some bullish momentum over the past 24-hours but has retraced slightly from its daily highs. ETH’s volatile price action has come about concurrently with Bitcoin’s massive surge to highs of over $10,000.
It is important to note that one analyst is now explaining that Ethereum may surge towards $260 next based off of its recently formed technical patterns, which would mark a significant surge from its current price levels.
Ethereum Surges 3% to $180, But Down Significantly from Daily Highs
At the time of writing, Ethereum is trading up nearly 3% at its current price of $179.60, and it has been able to post a significant recovery from its weekly lows within the mid-$150 region that were set concurrently with Bitcoin’s downwards movement to the lower-$7,000 region.
Ethereum’s surge yesterday evening came about alongside Bitcoin’s meteoric rally, which sent it to highs of roughly $10,300 before it incurred a massive influx of selling pressure that pushed its price down to the lower-$9,000 region.
Bitcoin’s inability to find any solid support within the upper-$9,000 region signaled that bulls had overextended themselves, and similarly led Ethereum to face similar price action.
Overnight ETH hit highs of just under $200 before it lost its momentum and quickly retraced to lows of under $180, and it has been consolidating ever since.
In the near-term, it is highly probable that Bitcoin’s price action will steer that of ETH and other major altcoins.
ETH May Hit $260 in Near-Term, Claims Analyst
Josh Olszewicz, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that that ETH’s cloud formation and current trend channel may point to the possibility that it is positioned for a movement towards $260 in the coming month or so.
“$ETH 183 —> 260 e2e looking likely in nov,” he explained while pointing to the chart seen below.
$ETH 183 —> 260 e2e looking likely in nov pic.twitter.com/yFxAhDukA9
— Josh Olszewicz (@CarpeNoctom) October 26, 2019
In order for this possibility to be validated, however, it is imperative that BTC extends its upwards momentum, as a failure to do so could mean that significantly further losses are imminent and could mark this latest movement as a bull trap that precedes the next movement lower.
Featured image from Shutterstock.
