Ethereum price was recently on its way back to $200 until it met strong resistance and was subsequently driven back beneath $140. One analyst however, believes that a much stronger bull run is in the works.
Ethereum Recovers After Unsuccessful Rally
The entire crypto community held its breath recently, as Bitcoin broke the $9,000 mark and started surging further up. Many believed that this was the start of a rally that will finally bring BTC not only to $20,000 but maybe to an entirely new ATH.
Unfortunately, this did not happen. However, BTC is not the only one that was recently predicted to start breaking down resistances and pushing for new highs. Ethereum was recently predicted to return to its August high at $240, and the coin was seemingly well on its way of actually reaching this level. Unfortunately, a resistance at $180 overpowered the uptrending momentum and forced ETH back into decline before the target was achieved.
Ethereum quickly fell to $165, but it is currently once again trading in the green, with its price moving up by 2.35% against USD in the last 24h, and by 1.93% against BTC during the same period. At the time of writing, the coin’s price sits at $168, and it slowly continues its growth.
One of crypto Twitter’s leading traders, @TheCryptoDog, commented on Ethereum’s recent momentum, stating that the #2 ranked asset looks very promising right now.
I think $ETH looks more bullish than $BTC right now.
A new forecast
With Ethereum price remaining highly volatile this month, many in the crypto industry are unsure what to expect from the world’s second-largest cryptocurrency. But, one analyst provided his prediction which states that ETH has a chance to make a break for it and reach as high a price as $335 in the coming days. Obviously, this seems incredibly optimistic, and it would mean that the coin would have to surge by more than 100%.
Been telling you guys to buy $ETH after the bottom reversal – we started at $131 and it’s almost $180. If you believe the $BTC halving is not priced in like I do and that #Bitcoin is going to have a very bullish year, then you can be certain that #Ethereum will follow along. Raising my #Ethereum target to $335
Satoshi Flipper also provided his reasons for giving this forecast. Basically, he expects that Bitcoin will soon skyrocket and that it will take the entire crypto market with it. And, with Ethereum being the second-largest coin, it will definitely be among the first to follow.
Here’s what we’re looking at with $ETH on LTF. Important support level here. If $BTC closes above 8600 today, #Ethereum will see a nice bounce here.
Why is everyone so bullish on Bitcoin?
Naturally, this assumption makes sense. After all, Bitcoin is currently approaching its third block reward halving, which is scheduled to take place in May. Historically, this should be an extremely bullish event for the coin, which is why many have predicted that BTC is likely to exceed $33,000 by late June.
However, that is still not all, as Bitcoin is also expected to have a soft fork before the year ends. The fork should improve multiple aspects of the project, including its efficiency, privacy, and flexibility. The upgrade is also expected to improve the coin’s adoption, and it stands as yet another positive influence on the coin’s future price.
This positive impact is expected to transfer to the rest of the market, and indeed, many would say that it already has. Numerous altcoins are joining a rally right now, despite the fact that BTC is the only coin that will really benefit from these two events.
Do you think that Satoshi Flipper’s predictions will come true? Let us know in the comments below.
Image via Shutterstock, Twitter @SatoshiFlipper The post appeared first on Bitcoinist.com. origin »
Following their impressive gains over the past week, cryptocurrency markets and Bitcoin are pulling back a little as expected. Analysts are still eyeing the next peak but some have adjusted their predictions.
After rushing past $8,000 on the news from Iran and then slumping back, Bitcoin remains in the $7,700 area but an analyst says it has a chance of reaching $9,500 soon
Bitcoin price has gone back to the level before the jump it saw yesterday after Donald Trump alleviated Middle East worries. War cancelled, dump it. $BTC — Hsaka (@HsakaTrades) January 8, 2020 From $8,460 level, we have fallen 5.
Following Bitcoin’s meteoric rise into the public eye back in 2017, nearly every economist, analyst, and even regular Joe had a prediction for what the first-ever cryptocurrency would eventually be valued at.
XRP hasn’t done too well in the past 12 months, plunging by 47% since Jan. 1st, 2019. For some perspective, Bitcoin has gained a jaw-dropping 90%, surging on the back of a confluence of factors, which includes a capital flow from altcoins to the market leader BTC.
Yesterday, we were trading as high as $7,690 and today we are back to $7,156 on Bitstamp. It’s been over a month that Bitcoin has ventured to $8,000 level and two months since we saw $10,000. Now, that we are back to trading at $7,182, at the time of writing, as per Coincodex, trading volume […]
Since trading as low as $6,400 this week, Bitcoin (BTC) has seen a strong price recovery, surging as high as $7,300 late last week as bulls managed to defend key levels. In other words, the leading cryptocurrency jumped by nearly $1,000 from the multi-month bottom, making some believe that bulls are back.
Crypto analyst, Philip Swift, predicts that the upcoming halving next year will catalyse a change in market sentiment and propel Bitcoin price back to five figures. Bull Market Imminent At the moment bitcoin price is still consolidating in the mid-$7,000 range.
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All bulls want for Christmas this holiday season is to push Bitcoin price higher and prevent a further downtrend back into a full-blown bear market. But unless Bitcoin price can reclaim key support at $7,400, bullish crypto investors are going to have a bad Christmas, according to one crypto analyst.
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The post Analyst Who Called Bitcoin Price Plunge Cools Sub-$5000 Fears appeared first on CCN.com
The crypto market has been struggling for nearly two full years now to return to all-time high peak prices set back at the height of the crypto bull run, when Bitcoin reached $20,000 and became a household name and altcoins like Ethereum made investors filthy rich.
Bears are back, and they’re back with a vengeance. As of the time of writing this, Bitcoin (BTC) is trading at $7,100, having plunged as low as $6,800 — an extremely important long-term price level.
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Bitcoin’s bulls have lost their strength and allowed bears to push the cryptocurrency under its previous key support level at $8,200, which may signal that significantly further losses are imminent in the near-future as BTC slowly creeps back towards its recently established range lows at $7,800.
XRP Chart Strong It seems that cryptocurrency bulls are back — at least for now. Over the past 24 hours, Bitcoin has gained 7%, rallying to $8,400 from this weekend’s local low of $7,700. Interestingly,...
After incurring a sharp sell-off last night, Bitcoin’s bulls stepped up to the plate and were able to propel the crypto back into the lower-$8,000 region. This latest bout of volatility further confirms the notion that the upper-$7,000 region is a bastion of support for BTC.
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Bitcoin and the aggregated crypto market incurred a sudden influx of buying pressure late-yesterday that allowed most major cryptocurrencies to post some decent gains, although these were largely erased overnight as BTC dropped back down towards $10,400.
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