ETH and the synthetic cryptocurrency market have given rise to some notable gains today, following the downtrend many days earlier.
The ETH rally today marks a recovery at the critical support level that analysts are watching, making some of the previous discount analysts neutral, while the analysts are biased. Extremely optimistic growth.
A leading analyst is now convinced that ETH can now be ready for a strong move of up to $ 300, with a potential rally to this level that marks a rise to a new high of 2020.
ETH price recovered above $ 230
At the time of writing, Ethereum is trading up more than 2% at its current price of $ 231, marking a noticeable increase from the daily low of $ 215 that was set yesterday along with the Bitcoin's decline to as low as $ 8,400.
ETH USD chart 1h. Source: TradingView
Bitcoin's rebound from the aforementioned low to the $ 8800 area created a high reversal wind that allowed ETH and other major altcoins to generate some notable momentum.
The rally today also marked the first noticeable recovery seen in days, with markets previously caught in a strong downtrend before entering a sideways trade yesterday.
Analyst Luke Martin talked about ETH's technical situation in a recent tweet, explaining that the recent break below $ 224 made him think that there would be further declines, but the possibility of a return. This level has made him become neutral.
"Last week, the only thing I traded positively was short ETH. The breakdown below $ 224 made me think that the downside will continue this week. But now I see that view almost disabled on Monday morning. Back neutral to ETH ".
Last week the only thing I traded active was shorting $ ETH.
The breakdown of 224 made me think that the downside would continue this week.
But now I'm seeing that view almost be invalidated Monday morning.
Back to neutral on $ ETH. pic.twitter.com/EdegTgK7d5
– Luke Martin (@VentureCoinist) March 2, 2020
Ready for a rally to $ 300
Although Martin is currently neutral with ETH, Galaxy – another well-known analyst – explained in a recent tweet that he believes ETH has the potential to move to a new high in 2020.
When looking at the chart referenced by the Galaxy, it seems that this price increase stems from ETH's ability to bounce at critical support and sustain above the declining resistance that it has recently broken.
"Start building a long ETH. Thinking about $ 280- $ 300 at the end of the month. "
Started to build an $ ETH long.
Thinking of $ 280- $ 300 by the end of the month.
– Galaxy (@galaxyBTC) March 2, 2020
Trader and ElevateUX co-founder, 'Posty', said that he hopes the ETH price will breakout soon. The majority of other traders seem to focus on Bitcoin at the moment.
Seems a matter of time before price breaks through pic.twitter.com/sOf7CMEIBp
– Posty (@PostyXBT) March 3, 2020
And, trader George also reached a similar conclusion.
Not really looking bearish imo … pic.twitter.com/REo8rabJnY
– George (@ George1Trader) March 3, 2020
Everything is going well despite the criticism of Bitcoin supporters and venture capitalists from Morgan Creek Digital, Anthony Pompliano. Pomp stated in the daily “Off the Chain” newsletter that 'the idea that ETH is money is basically flawed'.
You can see the price of ETH here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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