Ethereum has been one of the best performing major cryptocurrencies over the past 24-hours. Yesterday, after consolidating around $390 for an extended period of time, the cryptocurrency’s price saw a massive spike that led it up to highs of over $430. This rally came about suddenly and unexpectedly, with it catching many investors off-guard due to it being somewhat random. Concurrent with this movement, most other digital assets remained stagnant, although it did help create a slight tailwind that pushed BTC up towards the upper-$11,000 region. Analysts are now noting that it may be poised to see a sharp retrace before it is able to post any further gains. This retrace could also confirm an extremely bullish accumulation pattern – so long as bulls defend its key support. Ethereum Rallies Past High Time Frame Resistance in Sudden MovementAt the time of writing, Ethereum’s price is finding stability around $425, which is just below the peaks it posted during yesterday’s sharp movement. The momentum it incurred yesterday allowed it to test highs of $435 on multiple occasions, but it has yet to stabilize above $430. While speaking about this, one analyst explained that he believes it may need to see a slight decline towards $400 before it can push higher.
Image Courtesy of Cactus. Chart via TradingView. ETH Declining Towards $360 Could Confirm Ultra-Bullish PatternAnother analyst also forecasted near-term downside, but he believes the next plunge is part of a bullish accumulation pattern that Ethereum has been forming as of late. As seen on the below chart he offers, this next decline could lead the crypto into the $360 region – which has been established as bedrock support on multiple occasions. Image Courtesy of il Capo of Crypto. Chart via TradingView. Even if Ethereum does face a short-term pullback, it does appear that the crypto is well-positioned to see further upside over a macro time frame. Featured image from Unsplash. Charts from TradingView. Originally from Bitcoinist.com https://ift.tt/2PVhCgN |
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