Ethereum price was recently on its way back to $200 until it met strong resistance and was subsequently driven back beneath $140. One analyst however, believes that a much stronger bull run is in the works.
Ethereum Recovers After Unsuccessful Rally
The entire crypto community held its breath recently, as Bitcoin broke the $9,000 mark and started surging further up. Many believed that this was the start of a rally that will finally bring BTC not only to $20,000 but maybe to an entirely new ATH.
Unfortunately, this did not happen. However, BTC is not the only one that was recently predicted to start breaking down resistances and pushing for new highs. Ethereum was recently predicted to return to its August high at $240, and the coin was seemingly well on its way of actually reaching this level. Unfortunately, a resistance at $180 overpowered the uptrending momentum and forced ETH back into decline before the target was achieved.
Ethereum quickly fell to $165, but it is currently once again trading in the green, with its price moving up by 2.35% against USD in the last 24h, and by 1.93% against BTC during the same period. At the time of writing, the coin’s price sits at $168, and it slowly continues its growth.
One of crypto Twitter’s leading traders, @TheCryptoDog, commented on Ethereum’s recent momentum, stating that the #2 ranked asset looks very promising right now.
A new forecast
With Ethereum price remaining highly volatile this month, many in the crypto industry are unsure what to expect from the world’s second-largest cryptocurrency. But, one analyst provided his prediction which states that ETH has a chance to make a break for it and reach as high a price as $335 in the coming days. Obviously, this seems incredibly optimistic, and it would mean that the coin would have to surge by more than 100%.
Been telling you guys to buy $ETH after the bottom reversal – we started at $131 and it’s almost $180. If you believe the $BTC halving is not priced in like I do and that #Bitcoin is going to have a very bullish year, then you can be certain that #Ethereum will follow along. Raising my #Ethereum target to $335
Satoshi Flipper also provided his reasons for giving this forecast. Basically, he expects that Bitcoin will soon skyrocket and that it will take the entire crypto market with it. And, with Ethereum being the second-largest coin, it will definitely be among the first to follow.
Here’s what we’re looking at with $ETH on LTF. Important support level here. If $BTC closes above 8600 today, #Ethereum will see a nice bounce here.
Why is everyone so bullish on Bitcoin?
Naturally, this assumption makes sense. After all, Bitcoin is currently approaching its third block reward halving, which is scheduled to take place in May. Historically, this should be an extremely bullish event for the coin, which is why many have predicted that BTC is likely to exceed $33,000 by late June.
However, that is still not all, as Bitcoin is also expected to have a soft fork before the year ends. The fork should improve multiple aspects of the project, including its efficiency, privacy, and flexibility. The upgrade is also expected to improve the coin’s adoption, and it stands as yet another positive influence on the coin’s future price.
This positive impact is expected to transfer to the rest of the market, and indeed, many would say that it already has. Numerous altcoins are joining a rally right now, despite the fact that BTC is the only coin that will really benefit from these two events.
Do you think that Satoshi Flipper’s predictions will come true? Let us know in the comments below.
Image via Shutterstock, Twitter @SatoshiFlipper
The Rundown
