Analyst Believes Ethereum (ETH) Could Grow Up To $200 Before Dropping Down To $90
The cryptocurrency market has been in a bear trend for over a year, and this is something that is harming investors from all over the world. Now, enthusiasts are waiting for a new bull run that would allow virtual currencies to start growing once again.
Ethereum (ETH), the third largest digital asset in the market is one of the digital assets that was affected by this bear trend. The digital asset lost around 94% since its all-time high in January 2018, when it reached $1,400, to December 2018 when it was traded close to $82.
However, Ethereum could start to grow in the near future and reach $200 in the near future. According to HsakaTrades, a popular cryptocurrency trader on Twitter, Ethereum rejected the previous consolidation support that became now resistance, around $105. As per the analyst, the bearish bias is still in play until the red level can be reclaimed as support.
Rejected by the previous consolidation support (now resistance).
Bearish bias is still in play until the red level can be reclaimed as support. pic.twitter.com/iVxdfAqwVX
— Hsaka (@HsakaTrades) February 6, 2019
Although this seems bearish for Ethereum, the popular crypto analyst on Twitter DonAlt, he bought ETH just above $100 targeting $200. Nonetheless, he said that he can see the market breaking down to $90. About it, he mentioned that he prefers to have an open position rather than taking the risk of missing the move entirely. He warned that if Ethereum breaks below $90, thigs could get even worse.
Bought quite a bit of $ETH just above $100 targeting $200.
I could see us break down to $90 which would be my dream entry.
That said I'd much rather have a position than taking the risk of missing the move entirely.
If it breaks below $90 I'd guess we're going for the shitter. pic.twitter.com/0o3gccdJAk
— DonAlt (@CryptoDonAlt) February 7, 2019
That means that Ethereum could grow as much as 90% from where we currently are. Additionally, that would represent a massive increase of 143% from the lowest point registered back in December 2018.
The market is currently operating positively. All the top 10 currencies are growing with the exception of Stellar (XLM). The virtual currency leading the trend is Litecoin (LTC), which registered a price increase of 10.59% to become the 4th largest digital asset in the market surpassing EOS, Bitcoin Cash (BCH) and Tether (USDT).
Ethereum is growing 2.11% with a market capitalization of $11.31 billion and a price of around $108. However, it remains far from the second position in the market, that is currently held by XRP. Between XRP and Ethereum there is almost a difference of $88 million in their market capitalization.