Over the past week, we saw how Bitcoin, Ethereum and other cryptocurrencies stabilized and even lost a couple of percentage points following their rally. However, this is not a shocking scenario, given the fact that new capital influxes may be coming and that analysts expect Ethereum to visit $200 very soon.
The truth is, many analysts are certain that the outlook for some cryptocurrencies remains bullish. One trader was recently featured in the ETH news for stating that the leading altcoin is poised to burst higher, at least from a medium-term perspective.
We are talking about Satoshi Flipper, the analyst who recently noted that Ethereum’s weekly chart is showing relatively bullish signs after bottoming around $120. He also noted that the Heiken Ashi candles which are a special charting technique used to more easily determine trends, have turned green on the weekly chart.
Flipper also added that Ethereum has broken out of a falling wedge structure that constrained price action for six months.
$ETH Weekly Heikin Ashi = Bullish pic.twitter.com/OBq5TqGXVt
— Satoshi Flipper (@SatoshiFlipper) January 23, 2020
This boded well for bulls as the analyst said and is why many other analysts expect Ethereum to visit $200 soon. Even though Flipper did not give a concrete price target in his tweet, the arrows on the chart suggest that $200 could be the right price point for the dominant altcoin.
Even though it is seemingly bullish right now, the Ethereum price action is largely dependant on Bitcoin. The Bitcoin price news recently showed a correction of 6% but it is common knowledge that altcoins trace BTC.
In that manner, we are all waiting for a new bull run and analysts expect Ethereum to rise only if Bitcoin surges. Fortunately for them, the leading crypto asset is looking good and may appreciate in the coming months.
A rally to $12,500 was also in the news, submitted by the trader filbfilb in his Decentrader newsletter. He briefly summarized that “Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance” and that the cryptocurrency “will reach to at least $12,500 before the halving event.”
This call is notable and the analyst is seen as one of the most accurate crypto traders who predicted two bottoms and two rallies following them. The big question now is – will his new analysis turn out true?
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