Ethereum is gaining gradually from the current crypto spike, and it’s all evident from the price action it has been experiencing lately. Much like Bitcoin and Binance Coin, ETH has been a subject of speculation and analysis by various crypto fans. The latest two people to dish out their opinions are Nick Cote and The Cryptomist.
Approaching Major Resistance
According to a tweet by Nick, Ethereum is currently cruising to face the major resistance at around $291. A quick look at ETH’s market standings as presented on CoinMarketCap shows that the crypto is currently trading at around $268 with a cool 6.26% increase on the daily.
My views on $eth here:
$291 is the last major resistance in front of us.
— Nick Cote (@mBTCPizpie) May 27, 2019
That puts the $291 figure just about $23 away, and that’s not a hard task if this trend continues into the week. In fact, according to Nick, the weekly resistance could be capped at between $345 and $399.
This Time Is Different
Nick’s tweet attracted some responses, with one commenter arguing that the fact that ETH hasn’t moved much despite Bitcoin making huge leaps is evident of a possible decoupling from the top crypto’s influence.
According to this user, if the 2017 dynamics were still in play, Ethereum should be valued at around $600 by now. Another user came out to opine that it’s probable that this time is different from 2017.
24 Hours To Breakout
Another analyst who stepped up to say something about the current ETH market is The Cryptomist. According to a tweet by this analyst, ETH’s technical indicators show a possible price breakout within the next 24 hours. The Cryptomist put the first breakout target at $281, with the next support levels standing at $260 and $256.
4hr time frame shows a very clean breakout from pennant ?
1hr Time frame shows pennant formed that should see breakout within 24 hours
First breakup target is 281 followed by $300
Next breakdown supports; 260, 256 pic.twitter.com/NJ7eQEXz3H
— The Cryptomist (@TheCryptomist) May 27, 2019
Indeed, since the user posted his tweet, Ethereum has already gained by a few percentages, but whether or not that trend will continue or whether that gain will be sustained is yet to be seen.