Ethereum Poised to Surge To Fresh High: Leading Binance Trader
Ethereum has undergone a strong retracement since its year-to-date highs near $490. The leading cryptocurrency currently trades for $345, far below those highs due to a strong correction in the price of Bitcoin. ETH is strongly underperforming BTC because the altcoin acts as a high beta version of Bitcoin.
Logan Han, a leading trader on Binance, is optimistic about Ethereum’s prospects, though.
He recently shared the chart below, suggesting that the leading cryptocurrency is on track to hit a new all-time high in the coming months and years.
As to why he thinks this is the case, his chart shared two key distinct technical events:
Chart of ETH's price action over the past few years with analysis by crypto trader and leading Binance analyst Logan Han (@loganhan_ on Twitter). Chart from TradingView.com
Following BTC’s Path
Ethereum is likely only to reach a new all-time high if Bitcoin does so, though. Fortunately for bulls, the leading cryptocurrency is primed to move higher.
Raoul Pal, CEO of Real Vision and a former head of hedge fund sales at Goldman Sachs, recently said that BTC is likely to move much higher than it is now due to monetary policy trends:
He previously said earlier this year that the cryptocurrency may have the best “technical, fundamental, flow of funds and plumbing” setups than any other asset.
Featured image from Shutterstock Price tags: ethusd, ethbtc, eth Charts from TradingView.com Top Binance Trader Optimistic About Ethereum Due to 2 Technical Trends
Originally from Bitcoinist.com https://ift.tt/2EWXucj
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