Ethereum has extended its upwards momentum after briefly facing a bout of selling pressure yesterday that sent it reeling into the $160 region. Today, however, ETH has surged over 5% and is now nearing the $180 region.
This upwards momentum has come about as the aggregated crypto markets recovered from a sharp drop that occurred overnight, and analysts are now eyeing significantly further upside for ETH in the near-term.
Ethereum Surges Towards $180 as Buyers Flex Their Strength
At the time of writing, Ethereum is trading up nearly 6% at its current price of $178.70, which marks a significant recovery from its recent lows of roughly $165 that were set yesterday concurrently with the downturn incurred by the aggregated crypto markets.
Ethereum’s current upwards momentum is showing few signs of slowing down, and it has been able to outperform Bitcoin over the past 24-hours, which may signal that its near-term price action will remain separate from that of Bitcoin – assuming that BTC continues expressing stability around its current price levels.
The latest ETH surge did not come as a surprise to analysts, as HornHairs, a popular cryptocurrency analyst on Twitter, explained in a tweet from yesterday that he suspects that Ethereum will continue climbing higher in the near-term.
“$ETH #Ethereum: Bullish 1W SFP at a confluent level. If I was a gamblin’ man, I’d bet she goes up from here,” he said while pointing to the chart below that shows that ETH found strong support at its lower support boundary, which could mean that a surge to its upper boundary at $350 is imminent.
Bullish 1W SFP at a confluent level. If I was a gamblin’ man, I’d bet she goes up from here. pic.twitter.com/WEL1yi5XfL
— HornHairs 🌊 (@CryptoHornHairs) September 30, 2019
Could ETH Target $220 in the Near-Term?
Although Ethereum’s mid-term target may currently sit as high as $350, in the near-term analysts believe that it may soon visit its recent highs around $220, but this move may depend on stability or upwards momentum amongst Bitcoin and other major cryptos.
Moon Overlord, another popular crypto analyst on Twitter, shared his thoughts on Ethereum in a tweet from this past weekend, in which he points to a chart that shows a near-term upside target around $220.
$ETH / $USD pair pic.twitter.com/R6T7pyipjR
— Moon Overlord (@MoonOverlord) September 28, 2019
It does appear that the trade idea he points to in his chart has already shown signs of being valid, which may mean that it is only a matter of time before Ethereum climbs back to its multi-week highs and lays the groundwork to target significantly higher highs.
Featured image from Shutterstock.