A popular binance trader expects Ethereum to skyrocket after the recent 30% drop from its recent year-to-date high after the US dollar bounced slightly. The leading cryptocurrency is now trading for $370 which is about $120 shy from the highs of $490 so let’s check on the analysis in our ETH news.
Ethereum remains in a positive state on a macro timeframe according to analysts and one popular Binance trader who previously predicted that Bitcoin will go under a V-shaped reversal in March said that the coin is expected to skyrocket soon. ETH is set to explode higher in the upcoming months according to Logan Han, the leading trader on Binance. He shared da chart which shows that Ethereum’s price action looks similar to the one at the end of 2017 before the major explosion that took place at the start of 2018. The analyst suggested that Ethereum is primed to undergo an exponential rally in the upcoming weeks.
Han’s chart suggested that the coin will set a new all-time high towards the end of the year and even suggested that Ethereu is forming a falling wedge in the medium-term time frame that will bring the coin towards $500 in the upcoming weeks. the latest prediction was just an extension of the previous prediction while on the shorter-term basis the analysts see reasons to be quite optimistic about Ethereum. One trader even said that if the coin flips $380 into support, it will be cleared to move into the higher zone of $400.
What could pose threat to Ethereum’s increase is Bitcoin dropping on the news of the delay of the US Stimulus money. As recently reported, ETH price tested the $380 resistance and it is currently correcting the gains. The price started a strong upward movement after it cleared the $355 resistance level against the US dollar. The price ran into the $380 resistance but it then settled nicely above the 100 simple moving average. With a break above the major bearish trend line resistance near the $354 on the 4-hour charts of the ETH/USD price data. The pair could correct higher but the downsides could be contained close to the $355 level.
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