HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Ethereum Faces Confluence of Bullish Factors as Analysts Eye Move to $200

Altcoins 2020/04/05 22:00 by Cole Petersen
Ethereum has been struggling to garner any momentum as it faces heightened resistance around the mid-$140 region, with this bout of consolidation coming about in tandem with that seen by Bitcoin and most other altcoins. In spite of this, ETH has been able to form a bullish textbook charting pattern that may give it some notable momentum once it breaks through the resistance it is facing around its current price levels. This also comes as the crypto incurs some notable fundamental strength, with one on-chain metric suggesting that ETH is poised to see some serious near-term upside. Ethereum Consolidates Below $145 as Bullish Technical Pattern Emerges  At the time of writing, Ethereum is trading down marginally at its current price of $143.70. This is the price at which ETH has been trading at for the past few days, with its rally seen earlier this past week allowing it to climb to highs of $145 before being rejected. Bulls then tested this level again on multiple occasions, with each time resulting in a similar rejection. It is important to note that consolidation directly below resistance can be viewed as a bullish sign, as it often suggests that an upwards breakout is imminent. Another key factor that could bolster Ethereum in the days ahead is the fact that it has formed what appears to be an ascending triangle with an upper boundary existing at just over $145. Josh Olszewicz, a prominent cryptocurrency analyst, pointed out this emerging pattern in a recent tweet, while offering a chart with a target existing at roughly $200. Image Courtesy of Josh Olszewicz On-Chain Metrics Also Point to Imminent ETH Upside  Growing technical strength isn’t the only thing currently counting in Ethereum’s favor. As NewsBTC reported yesterday, data from analytics platform Glassnode shows that exchanges are currently seeing their highest ETH balance since December of 2016. Exchange balance has proven to be inversely correlated with Ethereum’s price action, which means that the crypto could be well positioned to make a massive upside movement. “Since late 2019, ETH exchange balances have increased by more than 21% to over 18,187,000 – which represents ~16% of Ethereum’s circulating supply. The last time we saw levels this high was in December 2016.” Image Courtesy of Glassnode If this inverse correlation continues holding strong, the growth in the balance of Ethereum on exchanges does suggest that the crypto will soon see some massive near-term upside, which could be further bolstered by its technical strength. Featured image from Shutterstock.

0 Like(s)



You should also read...

Altcoins 23/02/20 20:07 by Brenda Ngari
Ethereum (ETH) Primed For Major Bullish Breakout Based On These Technical Patterns
The last few days have not been particularly good for ETH prices and the crypto markets in general. The crypto-asset dived to the $240 zone mid-week during a sudden sell-off, before bouncing back. Ho...
Read More
Altcoins 31/05/20 20:00 by Cole Petersen
Why Traders Think Ethereum’s Strength Could Help Bitcoin Rocket Past $10,000
Ethereum has flashed signs of immense strength in recent times, as the cryptocurrency was able to rally to highs of $245 while Bitcoin and most other altcoins only saw tempered gains. Although this up...
Read More
Altcoins 20/06/20 01:00 by Cole Petersen
Why the “Explosively Bullish” DeFi Trend May Not Stop Ethereum from Breaking Down
Ethereum’s utility has seen an explosive rise over the past couple of years. Throughout late-2017 and most of 2018, the blockchain’s utility was primarily rooted in the ICO mania that plagued the ...
Read More
Altcoins 30/07/20 23:00 by Cole Petersen
Ethereum Could Soon Get “Launched” Past $400 as Technical Strength Grows
Ethereum’s price action has been closely correlated to that of Bitcoin throughout the past few days. This has caused ETH to enter a consolidation phase as it trades just below $320. Although its sli...
Read More
Altcoins 23/12/20 02:00 by Tony Spilotro
Altcoin Season Delayed, Alt Crypto Market Cap Stuck In The Clouds
Bitcoin is trading a few thousand above its former peak at $20,000, but the spark of a new altcoin season hasn’t yet arrived in the crypto industry. One reason for the delay of the bullish advan...
Read More