Over the past few weeks, Ethereum has risen significantly.
Yesterday, cryptocurrency went up to $ 190, which means a 100% recovery after Black Thursday in March, when the ETH rate fell from $ 194 to a minimum of about $ 90. The March 12 dump was the second in the list of the toughest one-day asset corrections in history.
Despite the current momentum, analysts expect Ethereum to continue to recover in the coming weeks. This is favored by a number of technical and fundamental factors.
Ethereum is ready to take off: a classic pattern confirms this
BigCheds analyst noted that due to Ethereum price dynamics, after reaching a peak in June 2019, an expanding downward wedge formed on the weekly chart of the asset.
This is important for a bullish continuation of the trend, since expanding descending wedges often end with a break above the upper boundary and the subsequent rally. In this case, a bullish pattern reversal implies a rally of up to $ 290.
Moreover, the famous crypto trader Hsaka noted that as a result of the latest price dynamics, ETH "Struck a key zone of 175 $ -180 $". The analyst added that historically, the fluctuations around this zone ended with a “Significant continuation” in both directions:
Indeed, when in January of this year, ETH finally broke through this range, it quickly went up to $ 290. And when in November last year, support for this area was canceled, followed by a swift correction of up to $ 120.
Bulls need $ 190 support
It is important to note that the latest price dynamics did not convince 100% of traders that further growth is inevitable.
For example, a Calmly analyst noted that only a weekly close is above $ 190 “Will make you feel confident that this is a bullish price movement, and not just retesting resistance in a bear market”:
According to the ETH weekly chart, a range of $ 180 -190 $ is key to the main altcoin. He acted as a "launching pad" for the rally, while re-testing of this zone as a resistance is not always successful.