What’s Next in Ethereum? Here are ETH Forecasts of Successful Traders
Ethereum (ETH) entered a solid consolidation phase after the last period of volatility. ETH rose to $ 255 before buyers lost momentum and the price fell below $ 230. However, the fall of Bitcoin from over $ 10,000 to $ 8,600 levels started the correction wave in ETH.
The crypto market seems to be closely monitoring its price to see what Bitcoin will do next. However , it seems possible that ETH will gain momentum independent of BTC. A successful analyst believes that the next Ethereum move will greatly support buyers. Because, according to the analyst, there are several new factors in Ethereum that will trigger more rises.
Famous trader: Ethereum rises independently from Bitcoin if it breaks this level
Ethereum entered a consolidation phase while trying to gain significant momentum. At the time of writing, ETH is marginally traded at its current price. Analysts point to a technical formation where Ethereum is caught as a reason for its rise now, but the short-term price movement of cryptocurrency is likely to be greatly affected by Bitcoin. Ethereum Jack, a popular analyst, presented a chart showing this model, which is clearly visible when looking at the BTC trading pair.
The upper limit of this expansion wedge is around 0.025. According to the analyst, if Ethereum is able to break this level, it may see an independent momentum that allows it to perform better than Bitcoin in the coming days. During the latest downtrend, the cryptocurrency was able to hold above a significant support level. This level is at $ 228, which is where ETH faced strong resistance during the bullish trend seen last week.
Master analyst: Ethereum on its way to $ 290
Another master analyst explained in his latest blog post that the closing above this level is undoubtedly a sign in favor of the bull. Analyst added to his statements:
LOOKING AT THE DOLLAR PAIR ON A DAILY BASIS, I CAN SEE THAT THE PRICE CLOSED TIGHT AT $ 228, I WAS WATCHING SO SHARPLY THAT CONSOLIDATION WAS ABOVE THE HIGHEST LEVEL.
In addition, the analyst states that the cryptocurrency needs to go above $ 254 in order to see any upward momentum that allows it to return to $ 290.