Ethereum could be primed for a move to over $200 despite ongoing selloff ๐จ This article is 5 years old...
Ethereum could be primed for a move to over $200 despite ongoing selloff
2 min read
Updated: Jan. 24, 2020 at 4:10 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum (ETH) has been closely tracking Bitcoinโs price action over the past couple of weeks, which allowed it to post massive gains throughout the first part of the month, before setting a local top that has been followed by firmly bearish downside.
In spite of this, analysts are noting that Ethereum is fast approaching a key technical support level that is brimming with buy orders, which means that a visit to this level could catalyze a move to $200 or higher.
Ethereum reels towards $160 as crypto markets begin establishing downtrend
At the time of writing, Ethereum is trading down just under 3 percent at its current price of $161.80, which marks a notable decline from its daily highs of $166 that were set around this time yesterday.
Over a slightly larger timeframe, it becomes apparent just how notable the cryptocurrencyโs recent downtrend is, as it is currently trading down from intra-rally highs of nearly $180.
This poor price action has led the cryptocurrency to retrace over 10% from these highs, which has come about in tandem with Bitcoinโs fall from highs of $9,200 to its current price within the lower-$8,000 region.
It is important to note that Ethereum has formed a bullish technical formation on its weekly chart, which Satoshi Flipper โ a popular crypto analyst on Twitter โ explained could lead the crypto up towards highs within the $300 region after one more sharp pullback.
โETH Weekly Heikin Ashi = Bullish,โ he said while pointing to the formation seen on the below chart.
The next ETH pullback could spark a violent upwards movement
Satoshi Flipper is not alone in believing that Ethereum could see one more pullback before it posts a massive rally, as Calmly, another respected cryptocurrency analyst, noted that he is eying a pullback to $155 before it rallies to $180 or higher. He explained:
โEthereum / ETH – I’m still not convinced we see bullish continuation yet. Last time we were at this weekly s/r lvl, we consolidated for 12 weeks before finally breaking down. I think it will take more than one test of this lvl for it to break. I expect to see ~$155 before $180.”
Although ETHโs ongoing selloff may cut slightly deeper, it is likely that this will act as a catalyst for further gains.
Ethereum Market Data
At the time of press 4:10 pm UTC on Jan. 24, 2020, Ethereum is ranked #2 by market cap and the price is down 0.22% over the past 24 hours. Ethereum has a market capitalization of $17.8 billion with a 24-hour trading volume of $10.84 billion. Learn more about Ethereum ›
Crypto Market Summary
At the time of press 4:10 pm UTC on Jan. 24, 2020, the total crypto market is valued at at $233.81 billion with a 24-hour volume of $96.5 billion. Bitcoin dominance is currently at 66.06%. Learn more about the crypto market ›
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).