Ethereum Rises 13% Overnight, Crypto Market Is Ready For A Recovery

Ethereum is in today’s crypto news lately for increasing its price from $124 to $141 by more than 13% against the US dollar. Right now, analysts foresee a strong short-term recovery for Ethereum as the market shows momentum.

The optimistic price movements of the major crypto assets included Ethereum, EOS, Bitcoin Cash and Binance Coin which have come during a period in which the sentiment in the near-term performance of the crypto market which has become noticeably gloomy.

Before the recent rally of the crypto market, a cryptocurrency trader with the alias “Mayne” stated that investors cannot remain bear-biased mainly because of the past performance of the market. As he said:

“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.”

Over the past several months, Bitcoin and the rest of the market have shown similar price patterns. However, because the market had experienced extended periods of low volatility in the past few months, many traders expected the trend to continue.

According to the cryptocurrency analyst DonAlt and his statement:

“I’m incredibly bullish on ETH for the next few weeks. I’d get a cardboard Vitalik cutout if I could just so I have it by my side 24/7. No matter what BTC does ETH will outperform the market in my mind. I’ll use dips as giant buying opportunities.
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However, he also added that the movement was controlled and it is currently at a key resistance.