Saturday, 16 May 2020

Ethereum Could Rally to $290 if it Holds This One Crucial Level

By Cole Petersen


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.


Ethereum Hovers Around $200 Following Latest Selloff



At the time of writing, Ethereum is trading up 1% at its current price of $200. This marks a notable climb from daily lows of $192 that were set yesterday when the crypto began incurring some downwards momentum.

Buyers were able to quickly absorb this selling pressure, however, and subsequently were able to propel ETH back above $200.
The crypto is currently trading well below its multi-week highs of over $230, with its decline from these highs leading it to see immense bearishness against its Bitcoin trading pair.
Its weakness against BTC has placed some drag on its USD trading pair as well, also causing its moving averages to flash signs of immense macro weakness.

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