Altcoins News
By Steven Anderson
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Why Would ETH Surge Higher?
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ETH’s Dependence to Crypto Leader Bitcoin
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Two weeks ago, major cryptocurrency assets like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and others finally started to stall.
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As you probably know, BTC is only about 53% below the all-time high (ATH) close to the $20,000 level. But ETH has not performed well.
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Regardless of the recent crypto markets rally, the second-largest cryptocurrency by market cap remains down by 80% of its ATH close to the $1,400 level.
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However, many crypto analysts believe that some cryptos could retain their bullish momentum. In fact, Ethereum is expected to surge higher in the medium-term.
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Brave New Coin data provider and crypto analyst Josh Olszewicz provided a technical analysis factors confluence as to why ETH’s price will soon surge by 200%.
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Based on the given technical analysis, ETH is currently displaying an interesting start on the end-to-end Ichimoku Cloud move, which is from $200 to $750.
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Besides, ETH is in the middle of Adam & Eve's bottom formation based on the weekly chart. Once the bottom completely formed, the price of the crypto can hit $444 or even $555.
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Other than Josh Olszewicz, crypto trader CryptoWolf also noted that ETH could soon go back to the levels it was since early 2018.
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In addition, CryptoWolf also shared that if ETH successfully managed to overcome the $175 and $190 levels, then it can hit a long-term surge to $800, which is 300% higher than…
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Although the price action of ETH seems to bullish at the moment, it remains to be dependent on that of BTC.
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On the other side, analysts consider the technicals to be favourable for the bulls. Bitcoin is having its five-wave rise formation from $6000s level, which is a clear sign that…
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Considering the rally of BTC from the bottom at $3,150 in 2918, which is also five waves, it is expected that the bullish run will continue until 2020.
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In the case that the target is $12,500, then Bitcoin is required to rally towards 50% from its current level.
The Currency Analytics
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