Ethereum (ETH) has been standing at the helm of the recent upwards momentum incurred by the aggregated crypto market, and it has been able to extend its momentum in spite of Bitcoin erasing much of its recent gains during an overnight drop.
This bullishness has allowed ETH to decisively break above $200, which will likely prove to be a key support level in the near term, and any continued bullishness amongst altcoins will likely allow Ethereum to post significantly further gains in the coming days and weeks.
Ethereum Surges Past $200 as Bulls Roar
At the time of writing, Ethereum is trading up over 5% at its of $201, which marks a massive surge from its weekly lows of below $180.
This upwards momentum was first sparked earlier this month when ETH dipped below $170, which was met with strong buying pressure that allowed the cryptocurrency to begin its upwards ascent that has since pushed it past $200.
In the near-term, it is highly probable that Ethereum will continue expressing further bullishness, as it has been rising in the face of downwards pressure on Bitcoin, which has begun to see its dominance over the crypto markets recede as altcoins begin moving upwards.
BigCheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that ETH is currently pushing up towards its 200-day moving average in the lower-$200 region, which may be where the crypto finds some resistance that slows its current ascent.
“$ETH #Ethereum – Racing towards an MA 200 test on the daily,” he noted.
– Racing towards an MA 200 test on the daily
— Cheds (Trading Quotes) (@BigCheds)
Will ETH Continue Pushing Higher?
Analysts do expect that Ethereum will continue climbing higher in the near-term, as Trading Room – a popular crypto analyst group on Twitter – explained that ETH will likely touch between $209 and $219 before it begins slowing down.
“#ethereum is trending stronger. Expecting the strength to continue. Don’t short randomly. Wait for the range high to establish and local top formation. Ignore the Short Zone from yesterday. Considering the strong move, expecting 209-219 before any major cool down,” they noted.
is trending stronger
Expecting the strength to continue. Don’t short randomly. Wait for the range high to establish and local top formation
Ignore the Short Zone from yesterday
Considering the strong move, Expecting 209-219 before any major cool down
— Trading Room (@tradingroomapp)
It does appear that Ethereum is moving independently of Bitcoin in the near-term, and ETH’s short-term strength may ultimately allow other altcoins to climb higher.
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