Ethereum Set to Continue Higher, Analysts Say
Ethereum has slipped lower over the past few hours from its local highs around $395. The coin currently trades for $382, not too far from those highs but still down by a few percent.
Despite this rejection just shy of the pivotal $400 resistance, analysts remain optimistic. One crypto-asset trader recently noted that with the cryptocurrency holding above critical supports, price action is healthy
Chart of ETH's price action over the past few weeks (since end of July) with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter) Source: ETHUSD from TradingView.com
Others are also optimistic about Ethereum on a macro basis.
One trader noted that as long as Ethereum holds the prices in the vicinity of $350, it is set to double towards $720 in the coming months. $350 has long been an important level for ETH, having acted as a launchpad for the coin in 2017 and in the middle of 2018 during a dead cat bounce.
Chart of ETH's price action over the past few years with a Renko candle analysis by crypto trader Cold Blooded Shiller (ColdBloodShill on Twitter). Source: ETHUSD from TradingView.com
All Eyes on Bitcoin
Supporting upside in the price of Ethereum is an optimistic outlook for Bitcoin.
Tyler Winklevoss, a co-founder of Gemini, recently said that with the U.S. government pursuing another stimulus package, Bitcoin is making increasing sense:
Analysts expect further stimulus to suppress the U.S. dollar, which should boost alternative assets like gold and Bitcoin.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com It's "Hard to be Bearish" on Ethereum as Key Supports Hold: Analyst
Originally from Bitcoinist.com https://ift.tt/318s3DY
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.