ETH has entered another sideways trading during this time after being recently rejected at $ 175, currently setting up some key support around the area between $ 150, where it is now. held up for the past few days.
ETH / USDT price | Source: Traddingview
ETH consolidation will lead to a 60% upside breakout.
In the time after declining ETH at $ 175, the cryptocurrency turned around as low as $ 153 before bouncing slightly and entering another consolidation phase.
It seems that the lower $ 150 area is the main support for Ethereum, as this is the point where ETH started falling sharply when it broke down and is also the end of this uptrend.
A famous ETH-focused analyst talked about the importance of this trendline in a recent tweet, telling his followers that it is currently trading in a battlefield area on the runway. will determine its high time frame trend.
$ ETH at the battleground of bred HTF journey - retesting this region from the upside. Looking for it to hold as support for a continued push into $ 200. Lose it and it’ll be a short trigger. pic.twitter.com/UjVerh10aT
- Cold Blooded Shiller (@ColdBloodShill) April 10, 2020
ETH at the battlefield of HTF journey - double check this area from the front. Looking for it to hold as support for further push to $ 200. Losing that would be a short trigger, he noted.
Analyst: ETH is ready to raise its price to $ 250
While the cryptocurrency seems to be slumping just above critical support, Galaxy traders don't think it will be broken below and this consolidation will lead to a noticeable rally.
Galaxy has emphasized this ability in one tweet Recently, note that he believes ETH at $ 250 is one of the few certainties in life and that a movement to the region could occur after a consolidation lasting between $ 150 and $ 180. la.
There are only three certainties in life: 1. Death 2. Tax 3. ETH to $ 250 after consolidation of around $ 180 - $ 150.
The days and weeks to come will shed light on the validity of this possibility, as the continued ETH above this critical support could catalyze a bull movement.
Data show that ETH is rising in value
Manager Su Zhu of crypto and forex investment fund Three Arbow Capital observed that on April 10, there was a large wall of ETH buying on Bitfinex, with buyers offering a bid of 250,000 ETH down from $ 159. up to $ 162, at a cost of about 40 million dollars.
According to Su Zhu's observation, the quick purchase was confirmed by Bitfinex's margin market data. As a cryptocurrency trader shared, 1.8% of the total circulating supply of the entire ETH currency base currently has a Long margin on Bitfinex, adding 250,000 ETH to these positions in four hours. by.
- Su Zhu (@zhusu) April 10, 2020
It is not just the pressure from the strong buyers from Bitfinex but emphasized that Ethereum is showing signs of continuing to rise.
Figures from IntoTheBlock, such as In the Money, track the profitability of cryptocurrency holders and the "Bid-Ask hold volume imbalance," a market-specific indicator. Which cryptocurrencies are inclined to show that Ethereum is essentially "rising".
In particular, in the "In the Money" index has seen its measure flipped to the right.
All of this data shows that the demand for Ethereum is increasing, which shows that the price of ETH will soon continue to be higher.
You can see the price of ETH here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to AZCoin News
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