The crypto markets have experienced decent levels of bullish momentum over the past couple of weeks that has allowed virtually all major cryptocurrencies to recover some of their recent losses. Ethereum (ETH) is one notable gainer that has jumped nearly 45% from its monthly lows and has firmly reclaimed the number two spot by market capitalization from XRP.
Analysts now concur that Ethereum will likely see increased bullish momentum in the near future, which may allow it to climb towards the upper-$150 region.
Ethereum Climbs Slightly as Crypto Markets Experience Mixed Trading Session
Most cryptocurrencies have traded mixed today, with Litecoin and EOS both climbing over 5%, while other cryptos have dropped marginally.
At the time of writing, Ethereum (ETH) is trading up slightly at its current price of $147.3. Over the past seven days ETH has climbed significantly from lows of roughly $120. Prior to its upwards move this past weekend, Ethereum had experienced another upwards leg that sent it to $120 from lows of $103.
Although this upwards ascent has slowed slightly over the past couple of days, analysts are now anticipating that Ethereum will see increased bullish momentum in the near future.
Galaxy, a popular cryptocurrency trader on Twitter, recently noted that ETH will be “highly bullish” if it is able to break above $160, which would likely lead to further gains.
“Highly bullish on $ETH if we manage to break 160$ and produce the first higher high on a 1D or bigger timeframe, since June 2018,” he bullishly noted.
Highly bullish on $ETH if we manage to break 160$ and produce the first higher high on a 1D or bigger timeframe, since June 2018. pic.twitter.com/yUHGShkfns
— Galaxy (@galaxybtc) February 20, 2019
Gat, another popular analyst on Twitter, shared a similar sentiment to Galaxy, noting in a string of tweets that ETH is currently seeing a strong hidden bull diversion on a four hour time frame, which could lead it into the upper $150 region.
“$ETH looking strong IMO… looking for a breakout and move to high 150’s… Strong hidden bull div on 4hr.”
Strong hidden bull div on 4hr pic.twitter.com/P6wtL2qBVQ
— Gat (@TheGemClub) February 20, 2019
Gat further noted that an upwards move of any significance will require a greater amount of volume than ETH currently has.
“All of these charts I posted require some volume, which if you notice is coming in at resistance… bull vs bear fight, price action will show which side wins, volume shows the fight,” he explained.
all of these charts I posted require some volume, which if you notice is coming in at resistance
bull vs bear fight, price action will show which side wins, volume shows the fight
— Gat (@TheGemClub) February 20, 2019
Despite Widespread Bullish Sentiment, ETH May Drop Lower Before Surging
Although most analysts agree that there is a strong case to be made for continued bullishness, another analyst points out that ETH may drop towards the upper-$130 region before finding enough buying pressure to propel it towards $160.
“$ETH Update: Pull back now in play as anticipated from previous tweet… Scalp short triggered at $144.8, will consider longing again at support,” Altcoin Psycho told his nearly 30k followers in a recent tweet.
$ETH Update: Pull back now in play as anticipated from previous tweet.
Scalp short triggered at $144.8, will consider longing again at support pic.twitter.com/SNjeFgj26d
— Altcoin Psycho (@AltcoinPsycho) February 19, 2019
As Ethereum begins picking up momentum in one direction or another, traders will likely gain greater insight into whether or not ETH will be able to hold steady at its current prices, or if further losses are necessary in order for it to climb higher.
Featured image from Shutterstock.
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* First published on newsbtc.com