Connect with us

Bitcoin News

Analysts Expect Further Upside for Ethereum; Set Near-Term Target at $230



After losing its foothold within the lower-$170 region, Ethereum’s recently incurred upwards momentum appears to have faltered, as ETH has now dropped below the $170 level as Bitcoin revisits its key near-term support level at $8,000.Analysts are now expressing mixed sentiments when it comes to ETH, but are generally offering a sentiment that can best be defined a tempered bullishness, with some offering near-term targets of over $180, while others anticipate it to visit $230 next.Ethereum Dips Below $170 as Bitcoin Faces Increased Selling PressureAt the time of writing, Ethereum is trading down over 3% at its current price of $167, which marks a slight retrace from its recent highs of nearly $176 that were set yesterday.It is important to note that Ethereum – unlike Bitcoin and other major altcoins – has been able to post a relatively strong bounce from its recent lows that were set at under $160 earlier this past week.In the near-term, analysts believe that ETH could climb to the upper boundary of its recently established trading range between roughly $167 and $183, but it is imperative that it bounces at its current price level or else significantly further losses could be imminent.CryptoGainz, a popular crypto analyst on Twitter, spoke about this in a recent tweet, noting that he thinks ETH will visit $180+ next.“$eth looks good to me. bullish s/r flip on the 30M. rejection of lows on the 4H. I think we see 180+,” he noted.$eth looks good to me. bullish s/r flip on the 30M. rejection of lows on the 4H. I think we see 180+.— CryptoGainz (@CryptoGainz1) September 29, 2019 Could ETH Soon Form a Fresh Upwards Leg Towards $230? CryptoGainz is not alone in his bullish near-term assessment of Ethereum’s price action, as Nik Patel, another popular crypto analyst, explained in a recent blog post that he believes ETH will face some consolidation at its current price levels before surging back towards its multi-month highs around $230.“Lending further weight to the bullish scenario is the bullish divergence printed on the wick down to $151. As such, I am expecting some consolidation here followed by another leg up to test $230,” he noted.Although Ethereum on its own may soon incur some bullishness, it is highly probable that its near-term price action will remain strongly correlated to that of Bitcoin’s.Featured image from Shutterstock.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Recent Posts

Copyright © 2019 The Crypto Report