The price of Ethereum has grown 11 percent against the US dollar this past month moving from $126 to $140. This presents an impressive recovery for the crypto-currency, which is what several strategists also expect the Bitcoin price to go through.
The strategists have it that if the price of Bitcoin breaks the $4200 resistance level in the near term, they expect a decent rally which will also see the price of Ethereum surge to as high as $200.
According to the crypto dog- a crypto-currency technical trader recognized by the community- the price of Ethereum could surpass the $200 if it breaks out of the $148 resistance and continues to demonstrate momentum in the weeks to come. The likelihood of ethereum climbing to around about the $200 mark is dependent on whether it will have enough momentum break-out of a resistance level it has struggled to overcome since February.
Ethereum investors can afford a smile with alternative based on the positive performance of other Altcoins, which is an indicator that ethereum could just be preparing for a surge. Altcoins such as Tezos, Aion, Waltonchain, Bibox Token, and Aeternity recorded gains in the range of 5 to 65 percent against the dollar just in the past 24 hours.
The Bitcoin price stagnation suggests that there is very little flow of incoming capital in the crypto-currency with existing capital being funneled into alternative crypto-currencies. The capital inflow into high risk alternatives such as tokens and low market cap cryptos demonstrates the change in sentiment amongst investors.
Historically, most cryptos have followed Ethereum’s price movement mimicking its dips and surges. In recent weeks though, crypto assets have begun to show independent price movements which indicate that ethereum could still be vulnerable to a short term drop even though alternative cryptos continue to surge in value.
Ethereum potentially breaking out of the $200 mark looks like a tall order at the moment, similarly Bitcoin breaking out of a 15 month bear trend looks quite daunting. Both feats depend on whether certain strong resistance levels can be broken in weeks to come.
Bitcoin breaking out of its slump would represent an astonishing recovery since the crypto asset hasn’t broken any resistance level in the past three months, and when it attempted to do so last month, its value dropped right down to $3800.
The current market situation has many investors cautiously watching on. Important partnerships by crypto firms such as Ripple, serve to influence market sentiment, with a lot of commentators expecting a ripple revolution. The sideways market movements however have led to many investors being cautious and also quite optimistic.
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