Following the Recent Key Resistance Level, Is Ethereum Calls for A Further Surge?January 19, 2020
Unlike the fortune of Bitcoin SV that dropped 40%, analysts see a further surge for Ethereum (ETH).
Remember that on January 15th, Ethereum has recorded another 10% gain, making the second-largest crypto asset by market capitalization to achieve a $165.60 value. In fact, the said 10% gains were the highest level since November 2019.
Based on the price data released by Coin360, ETH has gained 20%. This data translates that Ethereum successfully outperformed Bitcoin (BTC). That is because the latter only gained 9% in the same period.
ETH Rally Will Last, Says Crypto Analysts
If you’ll remember, traders and analysts have witnessed the strong gains of ETH against BTC, which climbed 6% on January 15th to achieve the crypto’s highest value since mid-December in 2019. not only that, ETH received a more trade volume than December 2019, making it possible to reach $17.9 million.
Although things tend to be uncertain for Ethereum to continue the surge, the Ethereum’s recent gains can be correlated to the developments in the Kleiman vs. Craig Wright court case as well as Venezuela’s increasing economic uncertainties.
The said two events brought some speculations that a new bullishness is about to come.
According to some crypto analysts, the ETH rally will last. That is due to the fact that the crypto asset has seen with a big picture of a swing failure candle. The analysts have observed that ETH overcome the daily chart’s two key resistance levels. So, many could assume that further gain is possible in the coming days or weeks.
What Awaits Ethereum After Surging 20% This Week
Crypto trader Calmly has stated that the two-hour chart of ETH shows a big picture of topping in just a short period. Based on his chart, the crypto asset is positioning in the swing failure candle.
Despite many analysts and traders look forward to another surge for Ethereum, other analysts expressed their sentiments that the crypto is not poised to any higher.
It is good to note that the price of ETH is dependent on BTC. According to some analysts, Bitcoin tends to be bullish in the medium-term.
Murad Mahmudov of Adaptive Capital has expressed that Bitcoin has reached plenty of key moving averages. The said key moving averages include the 100-week Simple Moving Average (SMA), 50-week SMA, 128-day SMA, and 200-day exponential moving average.
Furthermore, based on 2018 to 2019 bottom price action’s 0.786 Fibonacci Retracement level, the Moving Average Convergence Divergence has seen with clear signs of a medium-term reversal basis. That data offers good news to bulls.
Crypto trader Dave the Wave calls for a decline of Bitcoin to $6,400. Previously, he has noted that as the crypto asset remains at ~$150, the Ethereum will push all the way towards the $200 region. So, based on that move, Ethereum will be positioned above the key falling wedge level, which can be favorable for the bulls.