After a bout of sideways trading in the cryptocurrency markets, Bitcoin and other major cryptos have been able to garner an influx of buying pressure that has sent them climbing today. Ethereum (ETH) is one major cryptocurrency that has been able to climb today, but it is facing growing resistance around its current price levels.
Despite this resistance, one analyst still has a target set for Ethereum around $200, which is significantly higher than its current price of $143.
Ethereum (ETH) Faces Fresh Resistance Level Around $144
At the time of writing, Ethereum is trading up over 3% at its current price of $142.5. Earlier today, ETH surged to highs of $144 before being swiftly pushed down its current price levels, signaling that this price is likely a fresh level of resistance.
Despite this, UB, a popular cryptocurrency analyst on Twitter, recently explained that it is imperative that ETH closes above $139 today in order for further gains to be possible, as a close below this price would open the gates for further losses.
“$ETH – Waiting on the daily close before taking a position… A close below ~$139 would be key for me to enter into a short position… $115 is still an area of interest for me if there’s downside,” he explained.
$ETH – Waiting on the daily close before taking a position.
A close below ~$139 would be key for me to enter into a short position.
— UB (@CryptoUB) March 16, 2019
Analyst: ETH Still Likely to Target $200 in Near Future
Ethereum’s recent price action may be quite bullish from a long-term perspective, as DonAlt, another popular cryptocurrency trader on Twitter, recently explained that he is targeting $200 for ETH in the near-future.
“$ETH: When I opened my swing ETH long at $100 a month ago I targeted $200. My macro view is still the same, expecting far higher prices… I’ve been bearish for the last three weeks, that has changed with recent PA & this S/R flip. If I get stopped out I’ll try again lower,” DonAlt explained.
When I opened my swing ETH long at $100 a month ago I targeted $200.
My macro view is still the same, expecting far higher prices.
I've been bearish for the last three weeks, that has changed with recent PA & this S/R flip.
If I get stopped out I'll try again lower. pic.twitter.com/xvH8ohfjq9
— DonAlt (@CryptoDonAlt) March 15, 2019
If the crypto markets, led by Ethereum, are able to continue surging as the weekend drags on, it will likely set a positive tone for the week ahead, and could lead Ethereum to climb as high as $200, which would validate DonAlt’s technical analysis.
Traders should look towards Bitcoin for guidance as to where the markets are heading next, as it is critical that BTC is able to maintain above $4,000 in order for further gains to be possible.
Featured image from Shutterstock.
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