After a significant dip, Ethereum seems poised to recover to its reconnaissance point around $140.
“Ethereum has been trading sideways over the previous week as the market attempts to break clearly above the $140 resistance level,” writes Yaz Sheikh this morning at Cryptopotato. “Despite the recent stagnant market movement, the coin is still up by a total of 28% over the past 30 days and up 53% over the past 90 days.”
This is against all time highs of around $180 and lows near Christmas around $80 – with current territory right about in the middle.
With a market cap value of over $14 billion, Ethereum is nothing to sneeze at. Analysts consistently think of ETH as the runner-up to Bitcoin although Ripple sometimes interjects into second place.
Some recent hard forks were expected to change the action on Ethereum trading but didn’t really make a huge difference since Ethereum is now stabilizing again right about where it was before those hard forks occurred. If anything, we can point to expert analysis that the hard forks helped solve some security and liquidity problems around Ethereum handling.
Now, Sheikh is showing how what might be in store for ETH later.
“The nearest resistance above $142 lies at the $152 and $161 levels,” he writes. “Further higher resistance then lies at $168 and at $170 where lies the bearish .618 Fibonacci Retracement level.”
This indicates that if ETH can break $142, it can go much higher toward its all-time highs – which is exciting in the short term.
However, if you see ETH dip below $135, watch out.
“Bulls and bears battle for momentum within the market,” Sheikh writes, noting lower resistance levels as low as $116.
Traders can be forgiven for assuming we won’t see $116 today – but as seasoned pros know, you can never rule anything out. Still, there are three big things going for ETH right now: it’s current rally, it’s place in the crypto system – and those successful hard forks.