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Can ETH Reach The $200 Mark?

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The past few months brought a shift in the behavior of the crypto market itself, as well as numerous different individual coins. Among them, there is Ethereum, which started 2019 by taking back its spot as the second largest cryptocurrency by market cap from XRP.

Since then, ETH price started seeing recovery, first in February bull runs, and then in March as well. It even managed to grow from $126 to $140 during this period, which is an 11% growth against the USD. However, Ethereum, as well as other coins, have seen their first true rally in 2019 on April 1st, when the coins saw a massive surge that took Bitcoin up by around $1,000, while ETH itself reached $177 in a span of two days.

However, the surge was a bit too sudden, and as always, as soon as cryptocurrencies went too far up, a correction follows. In this case, as well, Ethereum dropped sharply past its support at $170 and was only stopped by the one at $160. The coin even briefly breached this support on April 4th, although it was back above it by April 5th, and its current performance remains pretty stable, with its price between $164 and $165 for the last two days.

Predictions of Ethereum’s growth

While Ethereum’s performance certainly brought a positive surprise for investors, experts actually believed that ETH is just about to see a massive surge which would even allow the coin to hit the $200 mark. This was similar to those predictions which claimed that BTC would certainly grow if it can grow past the $4,200 mark. In Ethereum’s case, its key resistance was at $148, and as promised, both coins past their resistances and surged to heights not seen since the mid-November market crash.

Of course, the prediction that ETH will hit $200 was not turned into reality, or at least not yet, and the highest that the coin has reached so far was $177. The prediction came on Twitter and was posted by The Crypto Dog, who stated that, if ETH can break the $148 resistance, it will manage to end the month+ long range. However, more importantly, it will lay the ground for a surge towards $200 mark.

At the time, this prediction was seen as an extremely unlikely one, as ETH had to break the resistance which has been its biggest problem for the past two months. However, only two days later, ETH surged past it without even slowing down.

However, The Crypto Dog could not have known that, and he based his positive prediction on the altcoins’ strong performance. Around the time that the prediction was made, tokens like Waltonchain, Tezos, Bibox Token, and others all started seeing massive gains, ranging from 5% to 65%.

Meanwhile, Bitcoin’s stagnant price indicated that there is no new cash flow from outside of the crypto market. Instead, the money is going from established currencies into lower-leveled altcoins. However, this is an important indicator in the market, as the investors’ interest in higher-risk coins is typically an indicator of a near-term bullish performance of the market, in general.

Alex Kruger thought the same, predicting that the bear market will finally end if Bitcoin manages to grow past the $4,200 mark. Only two days later, BTC started a rally that took it past $5,200. And, while the market did see a correction, the coins are still seeing much higher prices than before, meaning that the correction was weak and short.

Meanwhile, traders are optimistic about digital currencies once more, and the whole world is once again developing an interest, particularly in Bitcoin and other top cryptocurrencies, which are among the top searches on Google, Baidu, and other search engines around the world.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Ethereum

Ethereum Price Hovers Around $2,190: A Delicate Balance Between Profit-Taking and Bullish Sentiment

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Ethereum price has been struggling to hold above the crucial support of $2,190 for the past few days amid profit-taking by investors. At the time of writing, the second-largest cryptocurrency by market cap was trading slightly higher at $2,216.20. Even so, Ethereum’s total market cap remains 1.33% lower for the day at $266 billion, while the total volume of the asset traded over the same period declined by 2.56%.

Fundamental Analysis

Ethereum price has been trading sideways for the past few days amid profit-taking by whales, triggering an increase in selling pressure. The Ethereum price has been positively impacted for the past two months by the recent bullish momentum in global crypto markets, fueled by Bitcoin’s surge to $44,000.

Over the years, ETH has maintained a distinctive market position attributed to its extensive developer community, widespread adoption, and pivotal role in decentralized finance (DeFi) and various blockchain applications. However, the impact of significant holders selling could continue driving the ETH price lower in the ensuing sessions. Despite these concerns, the overall market sentiment remains cautiously optimistic, leaving room for potential further growth in the asset’s price.

According to CoinMarketCap, the global crypto market cap has increased to $1.61 trillion, over the past few days. The Crypto Fear and Greed Index, which measures the key emotions driving the market, has improved slightly over the past day, highlighting an increase in risk appetite.

The recent decline in the greenback…

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Ethereum

Ethereum Price Sails Past $2,300 with Bulls at the Helm

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Ethereum price has been on a tear, blasting past the psychological level of $2,300 amid speculation of spot Ether exchange-traded funds (ETF) launching in the markets and broader market cues. The largest altcoin by market cap has climbed by nearly 15% in the past week and more than 96% in the year to date. ETH’s total market cap has increased to $282 billion over the past 24 hours, while the total volume of the asset traded over the same period increased by more than 14%.

Behind ETH’s Rally

Ethereum price has recorded significant gains over the past few weeks, consolidating within a bullish ascending parallel channel since the broader market turned bullish earlier in October. Data by Santiment has revealed that corporate entities and high net-worth investors have continued to double down on their ETH positions.

According to the prominent on-chain tracker, the top 20,000 Ethereum wallets have ramped up their buying spree this week. An increase in the supply held by top addresses is often interpreted as a strong bullish signal. This highlights a buying trend among the largest stakeholders within Ethereum’s ecosystem.

One of the key catalysts behind Ethereum’s price rally is the anticipation of the approval of a spot Ether ETF, which has increased demand and market optimism. On November 30, the US Securities and Exchange Commission (SEC) initiated the review process for Fidelity’s spot Ether ETF proposal filed earlier on November 17. This…

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Ethereum Price Reclaims $2,000 on the Back of Crypto Market Renaissance

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Ethereum price edged higher on Friday, reclaiming the critical psychological level of $2,000 after hitting an intraday high of $2,129.29. Ethereum, the second largest token by total market capitalization, has been outperforming the crypto market this week and is on pace to end the week 8% higher. ETH’s total market cap jumped by 4% over the last day to $255 billion, while the total volume of the asset traded over the same period declined by nearly 10%.

ETH Price Outlook

Ethereum price is back to trading above the important level of $2,000 amid positive on-chain data and bullish crypto market sentiment. Data by IntoTheBlock shows that more than 500,000 ETH tokens have left exchanges for non-custodial wallets this month, the highest amount in three months. As such, total outflows increased to $1 billion in three weeks. This suggests that traders and investors have taken advantage of ETH’s recent dip, which has proven profitable.

The crypto market sentiment has also buoyed the Ethereum price rally this week. The global crypto market cap has increased by more than 2% over the past 24 hours to $1.44 trillion, while the total crypto market volume inched slightly lower over the same period. The Crypto Fear and Greed Index has increased to a Greed level of 72, up from 67, hinting at an increase in demand for the risk assets.

Additionally, Bitcoin’s brief…

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