Ethereum Looks “Darn Bullish,” Analyst Says After $160, The Next ETH Price Target Would Be $250
Ethereum Looks “Darn Bullish,” Analyst Says After $160, The Target would Be $250
The second-largest cryptocurrency is today leading the crypto market no doubt by making a jump of over 15 percent. At the time of writing, Ethereum has been trading at $145.27 with 24-hours gains of 15.26 percent in the USD market while registering 8.94 percent greens in the BTC market.
If we take a look at Ethereum price in February, it started at $105 and has today reached $145 which is a rise of about 38 percent in this month.
Ethereum price chart for February month, Source: Coinmarketcap
Crypto trader Hsaka shares bullish sentiments as he says, from here $147 is the target but Ethereum is already nearing this level, so now we would be looking for the next target, that is $160.
Crypto trader Jonny Moe says, “This is a big time level for ETH ETHBTC, testing the descending log trend from the Jan '18 top.” He also shared that if Ethereum does break above $160 which in light of the ongoing surge Ethereum is seeing it could happen soon, the target would be in the $220-$250 range.
Meanwhile, another trader DonAlt, says, this is actually the “proper moon” as he explains, “$100 to $130 is a pretty good move. 30% in a traditional asset is an insane move. Rarely happens in crypto these days too.”
“Well, this is a proper moon. Not a big liq. spike but rather a nice controlled walk up. Didn't expect quite this much action into the weekend but I'm not complaining. ETH as the top gainer on Mex. Right at resistance here – will be interesting if it can break through or not.”
Just a couple of days back, DonAlt had shared,
“I've heard Ethereum will one day be the global computer that does smart contractions so I rebought me a few at 121. Seems like a good idea if you compare it to BTC it can go x10 easily and still only be worth 1/3rd of a coin. That's a steal right there.”
Now, with Ethereum price leading the cryptocurrency market gains, the “investment already paid off,” he further added, “I knew this was the company to bet on. Their CEO Vitalik 100% knows what he's doing.” Crypto traders broadly are feeling bullish with the current surge.
“I'm incredibly bullish on ETH for the next few weeks. I'd get a cardboard Vitalik cutout if I could just so I have it by my side 24/7. No matter what BTC does ETH will outperform the market in my mind. I'll use dips as giant buying opportunities.”
It’s not just the Ethereum price that is enjoying a hike, ETH/USD longs are feeling bullish as well as it approaches its all-time high (ATH).
ETHUSDLONGS Crypto Chart, Source: TradingView
The surge in Ethereum came when the block reward on the network hit its lowest ever. According to Etherscan, “Lowest Daily Block Rewards of 12989.34375 ETH was recorded on Sunday, February 17, 2019,” while awaiting its Constantinople hard fork scheduled at this month-end.