The price of Ethereum (ETH) may continue to rise to reach $ 440 before resistance, according to an analyst with the mainstream media.
In an interview with Bloomberg On February 14, Edward Moya, senior market analyst at online forex broker Oanda Corp, warned that the largest increase in altcoins in the market in 2020 is now unstable.
GSI broadcasts bearish signal for ETH
The ETH / USD pair has grown more than 100% since the beginning of the year - up from $ 130 to more than the current $ 270, which is also the highest level in 7 months.
This month, news broke that investors at Grayscale's Ethereum Trust paid up to 300% of the premium for ETH tokens.
"It's broadening its horizons," Moya said.
He also added that he expects a "strong resistance" to open at $ 440 so the rally can continue more firmly.
Going into the analysis, financial expert from Bloomberg mentioned Ethereum's General Strength Index (GSI), an indicator of whether an asset is overbought or oversold.
Currently, the GSI is heading towards a strong downtrend - the 92 index this week is far above the minimum level of 70, indicating overbought.
Investors reap a lot of profits
Ether is only one of the major altcoins that has been highly appreciated in recent weeks. As previously reported, both Bitcoin and altcoins have grown strongly since their troughs in December 2019. Leading the uptrend, Bitcoin has created a driving force for altcoins in the market to recover. strong in the first month of the new year.
This altcoin season has surprised many financial experts - when in the first months of 2020, Bitcoin (BTC) was the currency that showed the most potential.
The largest cryptocurrency on the market has risen more than 40% since the beginning of the year, reaching a peak of $ 10,500 before undergoing a slight correction.
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According to Coin68 / ConiTelegraph