Ethereum Poised to See Rally as Crucial Support Is Hit
Ethereum has strongly underperformed over recent days. The leading cryptocurrency has slipped from around $420 to $386, despite the price of Bitcoin setting new year-to-date highs in a strong surge upward.
This underperformance has shocked many investors. But according to an analyst, Ethereum is primed to move higher in the days and weeks ahead.
One crypto-asset analyst shared the chart below recently. It shows that Ethereum has reached an important technical support level that marked the highs of the short-term rally earlier this month. Analysts think that Ethereum will bounce from here:
Chart of ETH's price action over the past few weeks with analysis by crypto trader Trading Cyclist (@Fullgastrader on Twitter). Source: ETHUSD from TradingView.com
This latest analysis comes shortly after the same trader noted that the cryptocurrency has printed a number of bullish Ichimoku Cloud signals.
Bitcoin Is Also Bullish
Bitcoin itself is also bullish, increasing the chance the leading altcoin moves to the upside. Qiao Wang, a prominent industry analyst, recently commented:
The cryptocurrency’s technical trends are also in a positive state. Analysts note that the cryptocurrency closing its monthly candle above $13,000 is extremely positive for the bull case.
There is the concern that Bitcoin failed to move above $14,000 on the monthly candle but this is not a large concern yet as prices hold steady.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum Is At a Pivotal Support—and That's Good for the Bull Case
Originally from Bitcoinist.com https://ift.tt/35RAq8f
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.