Ethereum may have been subject to some selling pressure yesterday when it found itself in the $160 region, but it’s been on an upward rise today and is currently touching $180.
The aggregated crypto market registered a sharp drop last night and then recovered today. Analysts have their hopes set that ETH is looking to gain even more in the short-term.
Ethereum is trading up by almost 6%, as of this moment, with the price clocking $178.70. Yesterday, the cryptocurrency witnessed lows as much as $165, which was a result of the aggregated crypto market’s downturn.
Its current upward momentum is showing little signs of slowing down. Infact, it has even outperformed Bitcoin in the last 24 hours. So, it can be assumed that ETH’s price action will remain independent from BTC’s, which is currently displaying stability around its current price levels.
ETH’s sudden gain seems to have not surprised market analysts too much. Crypto analysts have actually predicted that the prices for the crypto will climb even higher before it can experience a setback.
Ethereum’s mid-term target is currently around $350 but analysts prefer to believe that it could visit recent highs of $220 in the near term. Of course, whether ETH is able to climb as high depends on a number of factors, including the stability and upward momentum shown by BTC and other significant cryptocurrencies.
Popular Twitter crypto analyst Moon Overlord shared a chart which breaks down ETH’s rise in the market. According to the chart, it isn’t very long until Ethereum can climb to its multi-week highs and expect to target even higher highs.
Another crypto analyst HornHairs, also shared similar views on Twitter, where he expressed that more market gains by ETH was inevitable at this point, with how the cryptocurrency is currently posed in the market. A surge to the upper boundary of $350 seems more than likely.
Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.