Ethereum Could Rally to $290 if it Holds This One Crucial Level
Ethereum could be well positioned to see some notable upside in the days and weeks ahead, despite its overt signs of weakness caused by its recent decline to the sub-$200 region.
Analysts are now noting that its market structure still favors buyers so long as it maintains above $185, and that a continued defense of this support could be enough to spark the cryptocurrency’s next major uptrend.
One such analyst is even noting that this potential next upswing could lead the cryptocurrency to as high as $290, with this being a critical level due to it being ETH’s current year-to-date high.
It is important to keep in mind that Ethereum’s moving averages are still telling a bearish tale when it comes to the crypto’s macro trend, and buyers will have to begin garnering significant strength in order to shift these MAs back into their favor.
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