Analyst Reveals Why “Bullish on Ethereum” Tone is Here, Trader Sets $350 ETH/USD as Next Target
After going to its yearly low in December at about $80, ETH managed to go to the $163 level in late February, as the market saw green. Earlier this month, as Bitcoin surged more than 20 percent, Ethereum surged from $139 to $174 on April 2nd and further climbed to $185 on April 10th in tandem with the crypto market.
Till date, in this year, the second largest cryptocurrency by market cap of over $18 billion has surged 28.41 percent. At the time of writing, ETH/USD has been trading at $173 on Kraken among other exchanges viz. Bitmex, Coinbase, Bittrex, and Bitstamp while one dollar up at Bitfinex and Binance.
ETH Pumps Every Time Parabola Is Tested
Just yesterday we reported how in a long time Ethereum saw strongly positive news in the form of one of big four EY launching its open-source code for public blockchain on Ethereum that is expected to give it a huge boost. Analysts are also expecting a big surge coming for Ethereum that could massively outperform the flagship cryptocurrency.
Now, another analyst that goes by pseudonym Altcoin Psycho shares his reason for being bullish on Ethereum. He explains how every time the parabola that ETH price is riding on is tested, we get pumped.
“This is why I'm bullish on ETH. We pump every time the parabola is tested. Parabola was just tested + bullish S/R flip… Next leg up incoming.”
Incoming: $350 Or A Strong Drop?
According to cryptocurrency trader and analyst, Credible Crypto, the first target for Ethereum price is $274 that can be expected to be achieved before June. Moving further, ETH could also see $350 as its next target before it goes through a “major correction” just like Bitcoin.
The trader expects Ethereum’s upward move to coincide with Bitcoin’s uptrend to above $6k that will see them take a drop from that point as a correction move. Talking about his target for ETH on this “impending rally,” he shares,
“I fully expect we will test ~$350 on ETH and it should coincide with BTC's push above 6k. LETS GET IT!”
However, an analysis by EasyMarkets shares a rather grim analysis as it shares that Ethereum is approaching the first resistance at $175.50 where a “strong drop might occur to our major support at 156.75.” Moreover, Stochastic is approaching resistance as well where they state, we might get to see a corresponding drop in price.
Dominating The Enterprise Blockchain Adoption
Ethereum remains the favorite among enterprises as it leads the way in the blockchain adoption by companies. With names like Coinbase, Citigroup, Google, HTC, Microsoft, Overstock, Samsung, and Amazon (later this year), Ethereum still dominates the space.
However, in another instance, cryptocurrency exchange Binance launched its custom blockchain on Thursday called Binance Chain that will support its $3 billion native token BNB which currently runs on Ethereum network.
Currently, the date for BNB activation on the new network April 23 that will see old ethereum-tokens to be destroyed and new BNB tokens will be created on Binance Chain.