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.

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.

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.

Leave a Comment