Ethereum continues to ride along with the bulls of Bitcoin (BTC)The next move of Bitcoin (BTC) will determine the direction of EthereumEthereum is poised for an increase of 25 percent in the near term
Ethereum News Today – Ethereum (ETH) has been following the price action of Bitcoin closely over the past week. This has led the digital currency to incur heightened volatility that has generally favored the buyers of Ether. Ethereum is now trading well over the $140 mark, with its current price at $145. ETH was able to return to the $145 mark as bulls after the bulls defended the $140 key support area.
Analysts are now pointing out that the strong defense of this support area could mean that the digital currency is poised for a massive upward trend that could result in an increase of more than 25 percent. Nevertheless, all eyes are on Bitcoin now to see where it would go next.
Ethereum (ETH) Price Today – ETH / USD
The Next Move of Bitcoin Would Determine the Direction of Most Altcoins
At press time, the second-largest digital currency in the world by market cap is trading at $145 after an increase of about 1.5 percent over the past twenty-four hours. This marks a considerable increase from its recent low of $134 that was set a few days ago when Bitcoin (BTC) plunged towards the $7,700 support level.
It seems like the present major support of Ethereum is at the $135 level, as this is close to where it found huge buying pressure after its recent rally, and hurdle before the uptrend. In the short-term, the price trend of many altcoins such as Ethereum will likely rely basically on where Bitcoin goes next, as the majority of altcoins in the market have formed a close correlation with Bitcoin.
Ethereum Is Poised for Massive Gains in the Near Term
A popular digital currency analyst on Twitter – the Wolf of All Streets – recently said:
“Large Cap USD Pairs: Many large-cap coins are hitting key resistance on their USD pairs. $BTC, $ETH, and $LTC are all shown here. Considering they are generally underperforming on $BTC pairs, it would take a major Bitcoin move up to break out here. Not particularly encouraging,”
The ability of Ethereum to post a strong recovery at its recent lows within the $130 mark suggests that the digital currency will soon see massive gains in the near term. Another crypto analyst – Livercoin – recently pointed out that the next major resistance of Ethereum is around the $180 level. This means that is how far the recent rally will go before Bitcoin meets a stiff resistance.
If the digital currency surges to this level and even breaks over it, then it could continue surging until it gets to the $280 level, which is the next major level Livercoin is watching for.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she’s not writing, she spends time with her adorable cat, Ginger and works out often.