Ethereum, much like Bitcoin, has been on a bullish run. In the last couple of weeks, the biggest altcoin by market cap has climbed form a little over $100 to a new 2019 high of around $265.
ETH was unable to break the $265 resistance position which could have potentially seen the coin rally to as high as above $300 to settle around the $250 position. Although the past few days have been bearish, Ethereum seems to have found support at the $230 position before bouncing back and ensuring its bullish sentiment remains intact.
At the time of press, Ethereum is down by around 3% and trading for $246.
Ethereum (ETH) Showing Long-term Support Above $200
Since Ethereum climbed above $200 around May 14, the altcoin has been able to maintain a stable upward trend. The coin further seems to have found long term support above this position and the recent dip which held above $230 is proof of that. In the long term, it is crucial that the altcoin holds above this position.
A slip below this could easily see a bearish trend emerge and prices drop to lows of $150. However, remaining above it will ensure that a bullish move is feasible and that Ethereum can hold key highs in its upward pattern.
Though Ethereum is holding on well even in the wake of the bearish momentum, it needs to break away from its current price range of $240 and $255. Over the next couple of days, Ethereum needs to attempt a breakaway from the pattern and possibly get over its $265 resistance position. With this achieved, Ethereum could go further to test the $300 position.
Currently, much of the success going around the market is being pushed by Bitcoin with other cryptocurrencies following the set patterns. This is expected to continue in the short-term given the crypto leader’s current dominance level.
However, as soon as Bitcoin slows down in performance more times than not many investors are moving their money to altcoins seeing most make a short-term belated rally, Ethereum bulls need to take advantage of this.
Positive development around the Ethereum project is also much needed to forge prices upwards regardless of Bitcoin’s performance over the coming days if it is to break out of the $250-$260 price range.