The latest ETH news show that the biggest altcoin of all, Ethereum (ETH), has recently incurred some bullish momentum in the past 24 hours but has retraced only slightly from its daily highs. The volatile price action of Ethereum has come about concurrently with Bitcoin and its massive surge to highs of over $10,000. Ethereum may hit $260 in the near-term and the technical patterns look bullish right now.
It is also important to note that one analyst is now explaining that Ethereum may hit $260 very soon based off of its recently formed technical patterns, which would mark a significant surge from its current price levels.
At the time of writing, Ethereum (ETH) is at $181.64 with a minimal rise on the day. However, ETH managed to rise by aroudn 4% yesterday and reach $179 before hitting $181 today. It seems like Bitcoin’s upwards momentum is benefiting Ethereum as well.
The surge yesterday evening suggested that Ethereum may hit even higher levels soon and came about alongside the latest Bitcoin news updates and the meteoric rally for BTC. This sent ETH to highs of roughly $10,300 before it incurred a massive influx of selling pressure that pushed the price down to the lower $9,000 region.
The inability of Bitcoin to find a solid support within the upper $9,000 region signalled that bulls had overextended themselves and led Ethereum to face a similar price action. Overnight, ETH hit highs of just under $200 before it lost the momentum and quickly retraced to lows of under $180 and has been consolidating ever since.
In the near term, analysts say that it is highly probable that Bitcoin’s price action will steer the one of ETH and other major altcoins. According to Josh Olszewicz who is a popular analyst on Twitter, the ETH’s cloud formation and current trend channel may point to the possibility that ETH is positioned for a movement towards $260 in the coming month or so.
“$ETH 183 —> 260 e2e looking likely in nov,” Olsewitz explained while pointing to the chart seen below.
$ETH 183 —> 260 e2e looking likely in nov pic.twitter.com/yFxAhDukA9
— Josh Olszewicz (@CarpeNoctom) October 26, 2019
Ethereum may hit even $260 soon. However, in order for that to happen, it is imperative that BTC extends its upwards momentum – and a failure to do so could mean that significantly further losses are imminent at this point.
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