Ethereum continues to lead the market. Since the turn of the year, Ethereum has stayed ahead of the curve, and now even as uncertainty takes hold of the market, the largest altcoin continues to forge ahead. In the last 24 hours, Ethereum has continued to climb higher, successfully breaking a major resistance. The digital asset now looks set to reach $200 in the short term and $250 in the mid-term.
Though the market seems to have stalled after a hard rally at the end of the week, Ethereum is not relaxing. As major coins like Bitcoin and XRP traded sideways in the last 24 hours, Ethereum has continued upwards, gaining as much as 4%. The rally coincided with a major whale movement that was captured by Whale Alert.
— Whale Alert (@whale_alert) April 24, 2020
Tx: https://t.co/TCRyXbAwAk
Investors remain wary as such whales have the potential to make or break prices
Since gaining this, Ethereum has successfully broken the $195 resistance. Though there is much resistance around this position and a short pullback is expected, it looks like the digital asset is set to climb above $200 soon.
Once the $200 resistance is broken, the coin is likely to go into a FOMO phase based on its merit and a wide market rally triggered by Bitcoin’s halving in the next couple of days.
Concern Over Rising Wedge
While most analysts are convinced that Ethereum is headed up, one is concerned about rising wedges. This is a bearish pattern that could lead to a mammoth crash after a breakout.
There is an acknowledgment from a number of analysts that this is a potential concern. Luckily, it is one that can easily be reverted if volume begins to increase and reach highs of $200.
For now, the bulls will be looking to close down the $200 mark before an initial pullback. The aforementioned will allow for higher support and better consolidation before confirming a greater breakout. This will be followed by $250 before reaching for year highs of $300.
