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The cryptocurrency markets are currently experiencing a relatively unvolatile day, with most of the largest cryptos trading up or down. Since Bitcoin has maintained support at US $ 3,400, most crypto currencies, such as Ethereum (ETH), are at a slightly higher level of support, pushing many traders to show the greatest caution to enter long positions.
Despite this, an eminent badyst thinks that Ethereum is about to prepare for a price hike that could soar more than 90% from its current prices.
Ethereum stable above $ 100, can drop to $ 90 before it soars
At the time of writing, Ethereum was trading slightly higher at the current price of $ 104.9. Earlier this week, the ETH dropped to $ 103 before bouncing back to its current price levels and has so far held above $ 100, which is a significant psychological price level.
Yesterday, Hsaka, a popular cryptocurrency badyst on Twitter, explained that he felt that the ETH had to exceed the level of its previous consolidation support, around $ 105, to be able to increase, and it also noted today that this award was confirmed as a level of resistance. , like ETH was rejected every time he touched this level throughout the day.
$ ETH Update pic.twitter.com/JRzmjIapP8
– Hsaka (@HsakaTrades) February 7, 2019
Despite this, DonAlt, a popular cryptocurrency badyst on Twitter, shared his thoughts on ETH, noting that he was seeing it potentially increase by 90% in the relatively near future, while adding that "it's a good thing." it could drop to 90 USD before increasing.
"I bought a little ETH just above $ 100 for $ 200 … I could see ourselves falling to $ 90, which would be entering my dreams … That said, I'd rather have a position rather than taking the risk of missing the move completely, "DonAlt explained, adding that a break below $ 90 would result in significant additional losses.
Bought a bit of $ ETH just above $ 100 targeting $ 200.
I could see ourselves falling to $ 90, which would be the entrance of my dreams.
That said, I would much rather have a position than risk taking the entire move.If the price is less than $ 90, I guess we are aiming for the shitter. pic.twitter.com/0o3gccdJAk
– DonAlt (@CryptoDonAlt) February 7, 2019
If DonAlt's badysis turns out to be accurate, a jump to $ 200 would mean a 90% increase over current ETH price levels and a 122% gain from $ 90, if that price had fallen before this rise.
Crypto markets are trading flat
Although Ethereum is about to generate significant price gains, all cryptocurrency markets are flat, as Bitcoin is just above its support level at US $ 3,400.
Ethereum may be poised to skyrocket, but the crypto markets are generally stable while Bitcoin is struggling to defend its support level at $ 3,400.
At the time of writing, the XRP is trading slightly higher at the current price of $ 0.292. Previously, XRP had found support of about $ 0.28, which should continue to be a support level, baduming that Bitcoin does not dive significantly below current price levels.
Bitcoin SV, which jumped yesterday, has been able to maintain most of its recent gains and is currently trading at its current price, just under $ 63. Over the last two days, Bitcoin SV has gone from $ 57 to $ 67.6, before falling back to its current price levels.
Although Ethereum may have significant potential for significant gains in the near future, it is highly unlikely that it will be able to ramp up unless Bitcoin starts to skyrocket compared to its current prices because the instability of the BTC will likely deter investors from taking long positions in cryptocurrencies.
Selected image of Shutterstock.
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