Cryptocurrency prices continued to climb for the second consecutive session after Bitcoin rose to a four-week high on Monday. BTC Price is currently up over 4% trading at $44,091. Following the flagship currency, most of the altcoins are moving towards the north.
The largest altcoin, Ethereum (ETH) Price has been steadily rising after trading in the range of $2,980 and $3,020. The cryptocurrency raced past $3,100 earlier and is now closing in on $3,200.
ETH Price Analysis
Ethereum gained pace and was able to settle above the key $3,000 resistance zone. The largest altcoin gained bullish momentum and cleared the $3,100 resistance against the US Dollar. ETH price could accelerate further if it clears the $3,200 resistance.
The altcoin price is now consolidating gains below the $3,190 level. On the 4-hour chart, we can observe Ethereum price movement aiming towards the next resistance level of $3,200. A proper break above the $3,200 level might start a move towards the $3,350 and $3,380 levels in the near term.
On the downside, If ETH fails to surge above $3,180, a downside correction could start. The initial support is near $3,115 level. The first major support lies at $3,080 level.
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Ethereum Price To Hit ATH in Mid-Year
As the smart contract platform reclaims $3,000, crypto researcher Benjamin Cowen outlines what lies ahead for Ethereum (ETH). Cowen informs his subscribers in a new strategy session that the second largest crypto asset has been trading in a range between $2,000 and $4,000 for about a year.
He feels that, given the length of the consolidation, it will eventually pay off for ETH. Ethereum is currently mimicking its price movement from 2016 when it drifted sideways for approximately a year before erupting to new highs.
“Ethereum is theoretically in this sort of move where you have an impulsive move off of the bear market bottom. You have some type of impulsive move there, and then you go sideways for the better part of a year and then you can ultimately break out to the upside.”
According to Cowen, assuming Ethereum sticks to the current 2016-2017 market structure, it will likely hit new all-time highs before the middle of the year.
“What happens is we consolidate for a little bit and then just start pushing higher and if it were to continue to play out, then maybe we are looking at new all-time highs by May, by June, by July, something like that.”
Source: https://coinpedia.org/ethereum/ethereum-mimicking-2016-price-movement/