This bullishness has reached a boiling point after the cryptocurrency broke above $200, with its movement above this key psychological resistance level opening the gates for significantly further upside.
One prominent analyst is now noting that ETH could soon target a move to $300 after breaking out of a bullish technical formation, but other analysts believe it may also soon see a notable pullback.
Ethereum Flies Past $220 as Crypto Market Grows Highly Bullish
At the time of writing, Ethereum is trading up just under 5% at its current price of $221.50, which marks a notable climb from its daily lows of $210.
While zooming out and looking at ETH’s weekly price action, it becomes apparent that the crypto’s recent climb is best categorized as a steady ascent rather than a parabolic one.
It is important to note, however, that this incredibly bullish grind upwards may be on the cusp of turning into a parabolic movement, as the crypto is about to break out of an incredibly bullish technical formation.
CryptoBirb – a well-respected cryptocurrency analyst on Twitter – explained in a tweet that ETH recently broke out of a descending wedge, with the crypto still being on course to hit his original breakout target of around $300.
“WOW ETH 220$,” he noted while pointing to the pattern in the below chart from a few weeks ago.
WOW $ETH 220$ pic.twitter.com/IiYs9QcWdZ
— Crypto₿irb (@crypto_birb) February 7, 2020
If ETH does lose its foothold above $200, however, this bullishness could be invalidated.
Will ETH Soon See One More Major Pullback?
Bitcoin Jack – another popular cryptocurrency analyst – explained in a recent tweet that he believes ETH will climb all the way to $237 before it incurs a swift pullback that sends it reeling down to $167, but it remains unclear as to whether or not it will continue climbing after this potential pullback.
“ETH vs USD reaching towards resistance here. Almost there – $237 – Pull back to $166,” he explained.
$ETH vs USD reaching towards resistance here
Pull back to $166 pic.twitter.com/PGRGbEEPKh
— //Last Pop & Retrace 𝕵ack (@BTC_JackSparrow) February 7, 2020
It does appear that Ethereum is going to see significantly further near-term volatility, but whether or not this ultimately favors bulls or bears still remains to be seen.
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