The main altcoin is still trading above $ 200, despite the latest correction in the crypto industry, which may continue.
One well-known trader suggested that ETH is preparing for a major leap in the coming days or weeks. Even given the bearish forecast for BTC, this analyst is considering an upward break from the many-week side trading range.
At least there are three factors that can contribute to this breakthrough.
Today, as a result of a decrease in the BTC rate to $ 8800, the price of the main altcoin was adjusted to $ 197, but the bulls actively bought this drop.
Earlier this year, after falling from an annual maximum of $ 290, Ethereum was a less effective asset than Bitcoin. Since then, the bulls could not provide a stable upward momentum, and lower highs were achieved during the bidding. As a result, a multi-week consolidation was noted below $ 200.
Now, amid the manifestation of BTC weakness, most altcoins are again vulnerable to a stronger correction. Analyst MoonOverlord identified three critical factors that could become a catalyst for the explosion in the ETH market, however, in his opinion, the leap will be upward ...
- The ratio of longs to shorts at the level of historical maximum.
- The number of longs at the level of historical maximum.
- The ETH rate is near historical lows; consolidation has been going on for almost two years.
Something is about to happen.
This time I hold the majority position. Long!
The next movement of the ETH course will be bullish
The analyst did not limit himself to declaring his position and explained why he was considering a bullish scenario in the main altcoin market.
MoonOverlord noted that strong demand from buyers just below current price levels indicates that large traders are preparing for growth.