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Crypto Analyst: Ethereum (ETH) Major Shift Potential Is Building

Crypto Analyst: Ethereum (ETH) Major Shift Potential Is Building 1

Ethereum Pushes $130

While the broader crypto market has been in a lull over recent days, Ethereum (ETH) has been surging as of late. The popular cryptocurrency, which recently surpassed XRP in terms of market capitalization, is up 6.00% in the past 24 hours, finding itself selling for $130.52 apiece. Many have argued that this move is a byproduct of ETHDenver, one of the foremost annual events in the entirety of the Ethereum ecosystem.

Regardless, the fact of the matter is that ETH has outperformed its counterparts in recent memory. This has left many wondering — what’s next for Ether?

According to Ledger Status, an array of technical factors indicate that the crypto asset could see a “major shift” in the near future. Citing the one-day ETH/BTC chart, the prominent analyst, who commands a following of over 66,000 on Twitter, remarked that ETH has pushed over its 200-day moving average for the first time in months. Moreover, the asset’s 50-day MA and 200-day MA are poised to cross, deemed a key occurrence by many commentators.

Thus, Ledger concluded that from a U.S. dollar trading perspective, he is targeting “around $180” for Ethereum. The analyst didn’t give an exact timeline, but it was made clear he was addressing the chart from a medium-term viewpoint.

DonAlt, another preeminent trader, made a similar comment, but with even more bullish undertones. He recently claimed that Ether against Bitcoin could begin a longer-term rally, unless it fails to break resistance at 0.045.

Bitcoin Breakout May Be Building Too

While the aforementioned comments make it seem like only Ethereum is prepping for a strong move, other analysts have argued that the flagship cryptocurrency could breakout too.

Josh Rager, an advisor to TokenBacon and Blackwave, recently took to Twitter to convey some analysis regarding Bitcoin’s chart. While Josh didn’t have any explicit predictions, due to the non-volatility in BTC’s value, he did note that as the cryptocurrency has yet to break under its “weekly historical support level,” it is likely building its “next strong move.”

But which way will it head?

Many argue that lower lows are in for the broader cryptocurrency asset class. Case in point, just yesterday, CoinTelegraph reported that Brian Kelly of BKCM and CNBC wouldn’t be “surprised” if BTC was to head under $1,500. The Crypto Dog, echoed Kelly’s sentiment almost to a tee, remarking that a $1,800 Bitcoin is not only possible but that such a move wouldn’t irk him in the slightest.

From a less anecdotal point of view, technical analysts are adamant that lower lows for this market are inbound. Financial Survivalism noted that per analysis of Bitcoin’s “Hyperwave,” the asset could fall to $1,165 in the near future. He was so confident that Bitcoin will eventually hit that price point, 68% lower than current levels, that he took up a wager with Murad Mahmudov, a leading crypto analyst and partner at Adaptive Capital that expects this market to reach a bottom in April/May. According to Survivalism’s tweet, he bet 0.1 BTC, valued at $360 U.S. dollars at current, that the flagship cryptocurrency will reach $1,165 on Bitstamp before $10,200.

Title Image Courtesy of Descryptive.com Via Unsplash
About author

Nick has been enamored with cryptocurrencies since foraying into the industry in 2013. He has since gotten involved as a reporter, covering news on a number of blockchain- and crypto-related outlets.
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