The cryptocurrency market is currently in a consolidation mode over the last few weeks which caused Ethereum to settle at around $130 as the market tries to gain stability.
Cryptocurrency analysts revealed that there are a series of technical formations that are all indicating that Ethereum prices are slated to rally within the few coming days. Analysts further reveal that one of the technical indicators could help the cryptocurrency pass through a major resistance region.
However since most cryptocurrencies are tight to the mother crypto, Bitcoin in one way or the other, Ethereum will not experience it’s upcoming bullish trend unless Bitcoin stabilizes or experiences a similar increase in the short term.
Ethereum Price Analysis
At the time of this writing, Ethereum was trading around $129 in most cryptocurrency exchanges. The cryptocurrency earlier traded at $136 24 hours ago. Ethereum is closely following Bitcoin price movements as Bitcoin is trading at around $60,60 as of this writing.
Meanwhile, the entire cryptocurrency is still struggling to settle, there might be another significant price shift in the market in the few coming days, we can’t be so sure.
On the other hand, analysts believe once Ethereum goes beyond $150, the cryptocurrency would be able to rally with lesser frictions in the coming weeks. Most of the analysts reveal on Twitter that the key areas Ethereum needs to break lies between $150 and $160.
Many of the leading analysts are optimistic that once the cryptocurrency breaks through the two price bottlenecks it would be able to exceed its all-time highs. It is safer for traders to imagine that ethereum could increase in price in the coming weeks by a margin beyond 25%.
Other factors also play significant roles in determining the price of both ethereum and Bitcoin. The ongoing Coronavirus pandemic caused Bitcoin to shed off more than 50% of its entire market cap in a matter of hours. COVID-19 still continues to affect the cryptocurrency market as major global markets plummet. However, the world could possibly seek refuge in cryptocurrency as paper money is ineffective in the fight against the Coronavirus.