Leading altcoin Ethereum is currently trading at $ 382 and has only dropped 0.5% in the past 24 hours. Despite the decline from local highs, analysts think the asset will continue to rise. One analyst seems unlikely to “enter a downtrend” right now, given the support at $ 360-370.
$ 360-370 has stood out as an important horizontal level for crypto money in recent weeks.
Analysts: Ethereum Will Go Even Higher
Ethereum has fallen from its local highs around $ 395 in the past few hours. The cryptocurrency is currently trading at $ 382. This is not far from the highs he has seen before.
Despite this rejection and $ 400 resistance, analysts remain optimistic. A cryptocurrency trader recently stated that the price action is healthy with the cryptocurrency above critical supports.
“If the price converts to the $ 380 support, the market will seek a full recovery. The chances to retest $ 280 are getting less and less every day we stop above these levels. ETH price seems to continue on its uptrend though. In a negative move, the price will have to fall below $ 360. ”
One trader stated that as long as Ethereum prices are around $ 350, it will double to $ 720 in the coming months. $ 350 has long been a highlight for ETH in 2017 and 2018, serving as a jumping-off point for cryptocurrency.
All Eyes on Bitcoin
Ethereum price’s upward support shows an optimistic outlook for Bitcoin. Tyler Winklevoss, one of Gemini’s co-founders, said that Bitcoin is becoming more and more meaningful recently as the US government is pursuing another stimulus package:
“Total dependence on aid will not end for a long time. When this will happen is hard to predict, but what is certain is that Bitcoin will be your only refuge. ”
Analysts expect more US dollars to be minted before alternative investment instruments such as gold and Bitcoin can rise.