Ethereum
Top Binance Trader Optimistic About Ethereum Due to 2 Technical Trends
Nick Chong | Oct 03, 2020 | 23:31
- Ethereum is primed to move even higher according to a top trader on Binance.
- He cites two technical trends: a falling wedge and ETH’s ability to maintain the low-$300s and high-$200s.
Ethereum Poised to Surge To Fresh High: Leading Binance Trader
Ethereum has undergone a strong retracement since its year-to-date highs near $490. The leading cryptocurrency currently trades for $345, far below those highs due to a strong correction in the price of Bitcoin. ETH is strongly underperforming BTC because the altcoin acts as a high beta version of Bitcoin.
Logan Han, a leading trader on Binance, is optimistic about Ethereum’s prospects, though.
He recently shared the chart below, suggesting that the leading cryptocurrency is on track to hit a new all-time high in the coming months and years.
As to why he thinks this is the case, his chart shared two key distinct technical events:
- Ethereum has formed a falling wedge pattern from the year-to-date highs. A falling wedge is a textbook bullish pattern often seen before a breakout to the upside.
- ETH managed to hold the low-$300s and high-$200s.
Chart of ETH's price action over the past few years with analysis by crypto trader and leading Binance analyst Logan Han (@loganhan_ on Twitter). Chart from TradingView.com
Following BTC’s Path
Ethereum is likely only to reach a new all-time high if Bitcoin does so, though. Fortunately for bulls, the leading cryptocurrency is primed to move higher.
Raoul Pal, CEO of Real Vision and a former head of hedge fund sales at Goldman Sachs, recently said that BTC is likely to move much higher than it is now due to monetary policy trends:
“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation. I don’t think he gets true demand push inflation but he will get fiat devaluation, in conjunction with the other central banks all on the same mission.”
Featured image from Shutterstock Price tags: ethusd, ethbtc, eth Charts from TradingView.com Top Binance Trader Optimistic About Ethereum Due to 2 Technical Trends
