What happened to cryptocurrency today: Could this lead to Ethereum highest price ever? Expert predictions are indicating Ethereum will witness a 60% price increase after breaking a major resistance point.
Since the beginning of the year, Ethereum has been among the thriving cryptocurrencies. Its price has gone up by 96% since the start of 2020.
A massive upward movement has driven it from its low of $120 to a high of $228. Due to the current upsurge, experts have predicted that Ethereum will be a top performer in 2020.
Why Ethereum highest price ever, and What Prompted The Recent Predictions?
Will Ethereum rise to predictions by rallying up to 60% from its current price? A strong bullish market structure has been formed over the past couple of days, and its ability to hold the current price will determine its future momentum.
Analysts suggest that the momentum will be maintained until the currency hits the next key resistance point at $360.
Price Stays Above Key Support as Market Structure Grows Bullish
At the time of publication, Ethereum is at $225, which is just about 1% from its recent high. In spite of other influencing factors, Apart from fundamental, Ethereum surmounted a multi-year resistance point of $210.
Taking a look at the weekly price action, Ethereum will undoubtedly go bullish in the coming months.
More so, the strength of Bitcoin will have an impact on how Ethereum responds to the current resistance point. The ability of Bitcoin to retain its new-found position at $10,000 will determine Ethereum’s price movement.
Nik Patel, a famous crypto analyst on Twitter, explained that $230 was a previous support level and has currently become resistant.
Final Thought
It is expected that Ethereum will climb until it reaches the $360 mark if it surmounts the recent minor resistance. Although Bitcoin’s price may have some influence, the strong bullish structure will make it garner momentum to push towards the predicted price.
Could this lead to Ethereum highest price ever? Let’s meet in the comment section.
You can also read: Bitcoin price breaks its key psychological level, reaches highest point since October 2019
