Ethereum Needs to Break This Level, Will Set Stage for 20%+ Rally<\/strong><\/h2>\nCryptocurrency trader “Smack”<\/a> (SmackTrades on Twitter) on Saturday morning shared the below chart, showing that Ethereum is currently in the midst of crucial price action, with the price of the asset nearing a key downtrend.<\/p>\nThe downtrend Smack depicted has constrained the cryptocurrency for two to three weeks now, marking the top of the mid-February rally, the subsequent retest just a week later, and the price action this morning \u2014 which saw ETH fail to break past the downtrend (now at $250) in a spectacular fashion.<\/p>\n
![\"\"](\"https:\/\/pbs.twimg.com\/media\/EShRJ7iWoAAg_C0.jpg:large\" "\\"\\"")
<\/p>\n
Considering the importance of this level, Smack remarked that should Ethereum break past it, the asset will rally to “new highs” above $290, where the cryptocurrency topped last month as Bitcoin failed to maintain bullish momentum.<\/p>\n
Bull Case is Building<\/h2>\n
Although Saturday’s rejection of the aforementioned downtrend was bearish, analysts are starting to flip bullish on ETH for technical and fundamental reasons alike.<\/p>\n
This, the trader who predicted Bitcoin’s January price action to a T claims, gives the cryptocurrency the potential to rally 50% to 2019\u2019s high of $360 in the coming months.<\/p>\n
Also, per previous reports from Ethereum World News<\/a>, Three Arrows Capital CEO\/CIO Su Zhu showed at the start of the month that DAI\/USDC is at the highest price it has traded at in years, suggesting ETH is in a buying zone.<\/p>\nAlso, Bob Loukas this week remarked that he believes ETH is the most technically bullish of all the top ten cryptos:<\/a><\/p>\n\u201cRide the best horse. Recent form is a better indicator of prospects.\u00a0\u00a0 Betting on the laggard because it hasn\u2019t shown its colors doesn\u2019t work well. When I look at the Top 10 coins, $ETH one of the best,\u201d he explained while pointing to the bullish formation seen on the below chart.<\/p><\/blockquote>\n
Photo by\u00a0Jake Blucker<\/a>\u00a0on\u00a0Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"Like Bitcoin, the past few weeks have seen Ethereum consolidate. The second-largest cryptocurrency has established a base of support around $220, trading within practically 10% of that level for all of the past ten days. But according to a trader, ETH may soon rally to fresh local highs above $290 \u2014 20% above the current market price of $237 \u2014 if a specific price level breaks that is. Ethereum Needs to Break This Level, Will Set Stage for 20%+ Rally […]<\/p>\n","protected":false},"author":32,"featured_media":54483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[823],"tags":[83,213,691],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/54482"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=54482"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/54482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/54483"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=54482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=54482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=54482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
The downtrend Smack depicted has constrained the cryptocurrency for two to three weeks now, marking the top of the mid-February rally, the subsequent retest just a week later, and the price action this morning \u2014 which saw ETH fail to break past the downtrend (now at $250) in a spectacular fashion.<\/p>\n
<\/p>\n
Considering the importance of this level, Smack remarked that should Ethereum break past it, the asset will rally to “new highs” above $290, where the cryptocurrency topped last month as Bitcoin failed to maintain bullish momentum.<\/p>\n
Bull Case is Building<\/h2>\n
Although Saturday’s rejection of the aforementioned downtrend was bearish, analysts are starting to flip bullish on ETH for technical and fundamental reasons alike.<\/p>\n
This, the trader who predicted Bitcoin’s January price action to a T claims, gives the cryptocurrency the potential to rally 50% to 2019\u2019s high of $360 in the coming months.<\/p>\n
Also, per previous reports from Ethereum World News<\/a>, Three Arrows Capital CEO\/CIO Su Zhu showed at the start of the month that DAI\/USDC is at the highest price it has traded at in years, suggesting ETH is in a buying zone.<\/p>\n Also, Bob Loukas this week remarked that he believes ETH is the most technically bullish of all the top ten cryptos:<\/a><\/p>\n \u201cRide the best horse. Recent form is a better indicator of prospects.\u00a0\u00a0 Betting on the laggard because it hasn\u2019t shown its colors doesn\u2019t work well. When I look at the Top 10 coins, $ETH one of the best,\u201d he explained while pointing to the bullish formation seen on the below chart.<\/p><\/blockquote>\n Like Bitcoin, the past few weeks have seen Ethereum consolidate. The second-largest cryptocurrency has established a base of support around $220, trading within practically 10% of that level for all of the past ten days. But according to a trader, ETH may soon rally to fresh local highs above $290 \u2014 20% above the current market price of $237 \u2014 if a specific price level breaks that is. Ethereum Needs to Break This Level, Will Set Stage for 20%+ Rally […]<\/p>\n","protected":false},"author":32,"featured_media":54483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[823],"tags":[83,213,691],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/54482"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=54482"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/54482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/54483"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=54482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=54482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=54482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Photo by\u00a0Jake Blucker<\/a>\u00a0on\u00a0Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"