Ethereum
Ethereum Surges Towards $370, Denying Expectations of Further Losses
Nick Chong | Oct 09, 2020 | 23:51
- Ethereum fell as low as $315 in September as a strong selloff rattled the markets.
- Since those lows, ETH has bounced back in notable fashion.
- The coin currently trades at $369, its highest price in many days as buyers finally step back into the market after an altcoin carnage.
- Ethereum is leading Bitcoin higher as of this article’s writing, outperforming BTC’s 1.5% gain with a 5% move higher.
- ETH’s move higher came after many investors were expecting the cryptocurrency to continue its decline.
- There were some that were calling for Ethereum to fall towards $300, but as can be seen, this isn’t the case.
- ETH may continue its ascent higher in the near future as it moves above a falling wedge.
Ethereum Surges Towards $370
Ethereum is currently on its way to $370 as of this article’s writing. The coin is up 5% in the past 24 hours, outperforming Bitcoin and other large-cap cryptocurrencies as the market seemingly turns risk-on once again.
Chart of ETH's price action over the past few weeks from TradingView.com
This ongoing move higher seems to have been triggered by news that the U.S. is actually pursuing a stimulus bill just a few days after President Trump told Capitol Hill politicians to stop discussions. It has been reported that a $1.8 trillion stimulus bill is being worked on by the House. This is below the $2.2 trillion bill passed by House Democrats last week but still far more than no stimulus at all.
The restarting of stimulus discussions in such a short period of time led the U.S. dollar lower after a relief rally. The dollar dropped by just under a percent in the past 24 hours, driving all markets higher, especially cryptocurrencies and gold.
ETH Falling Wedge to Boost Prices Further
Ethereum is currently rubbing up against important resistance levels: $365-375 is a technical region that has acted as a point at which a number of rallies have topped over recent months.
ETH needs to decisively pass and test this level as support this level if it is to continue decisively higher. Fortunately, the cryptocurrency is in the midst of breaking to the upside of a falling wedge pattern. A falling wedge is a textbook bullish pattern that often precedes upside.
Featured image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum Surges Towards $370, Denying Expectations of Further Losses
