After recovering the $130 level previously this past week, Ethereum (ETH) is presently having a hard time to hold above this level as bears try to take complete control of the aggregated cryptocurrency markets.
It is necessary to keep in mind that ETH’s existing bearishness might cut much deeper in the near-term, however experts are keeping in mind that the cryptocurrency’s existing rate action looks noticeably comparable to that seen by Bitcoin when it was trading within the lower-$ 3,000 area in late-2018 and early-2019
If this resemblance stands, Ethereum might be on the brink of sustaining a considerable quantity of upwards momentum that possibly leads the crypto into a multi-month booming market throughout the early part of 2020.
Ethereum’s Bulls Battle to Hold ETH Above $130 as Offering Pressure Increases
At the time of composing, Ethereum is trading down partially at its current price of $131, which marks a significant decrease from its multi-day highs of over $137 that were set this previous weekend.
It is necessary to keep in mind that although the cryptocurrency was turned down in the upper-$130 area simultaneously with Bitcoin’s rejection at $7,500, ETH is still trading up substantially from its weekly lows of $125
The $120 to $125 location is an essential assistance area for the cryptocurrency, as $120 is where it bounced throughout its current capitulatory sell, and $125 is a level that bulls ardently protected for the previous number of weeks.
HornHairs, a popular cryptocurrency expert on Twitter, described in a current tweet that he thinks today’s small ETH sell-off might be short lived, as it swept its variety lows and had the ability to publish a bounce at this level.
“$ ETH brief upgrade: Might have gotten cleaned here, more setups to come. Closed for the exact same factor as the BTC brief. The connection with BTC and ETH led me to think we ‘d rise after Monday’s low getting swept on BTC. +1.24 R (prior to costs),” he described while indicating the chart below.
$ETH brief upgrade
Might have gotten cleaned here, more setups to come. Closed for the exact same factor as the BTC brief. The connection with BTC and ETH led me to think we ‘d rise after Monday’s low getting swept on BTC.
+1.24 R (prior to costs) pic.twitter.com/d6E3LplBSl
— HornHairs &#x 1f30 a; (@CryptoHornHairs) December 31, 2019
Could ETH Be Bound for a Huge Multi-Month Rally?
Gat, a popular crypto expert on Twitter, described in a current tweet that he thinks Ethereum’s rate action over the previous number of months looks noticeably comparable to that seen by Bitcoin in late-2018 and early-2019 when it was selling the lower-$ 3,000 area.
” As much as I dislike $ETH, it is providing $BTC 3k kinda vibes,” he described while indicating the 2 charts seen listed below.
As much as I dislike $ETH, it is providing $BTC 3k kinda vibes. pic.twitter.com/K7O3nT1UnY
— Gat ALIBABA WHALE (@TheGemClub) December 31, 2019
If this connection does show to be legitimate, Ethereum might see some strong upwards momentum in the early part of 2020, possibly permitting it to publish enormous gains.
Included image from Shutterstock.
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