Ethereum May Target $260 in Near-Term as Technical Patterns Grow Bullish

Ethereum has incurred some bullish momentum over the past 24-hours but has retraced slightly from its daily highs. ETH’s volatile price action has come about concurrently with Bitcoin’s massive surge to highs of over $10,000.

It is important to note that one analyst is now explaining that Ethereum may surge towards $260 next based off of its recently formed technical patterns, which would mark a significant surge from its current price levels.

Ethereum Surges 3% to $180, But Down Significantly from Daily Highs

At the time of writing, Ethereum is trading up nearly 3% at its current price of $179.60, and it has been able to post a significant recovery from its weekly lows within the mid-$150 region that were set concurrently with Bitcoin’s downwards movement to the lower-$7,000 region.

Ethereum’s surge yesterday evening came about alongside Bitcoin’s meteoric rally, which sent it to highs of roughly $10,300 before it incurred a massive influx of selling pressure that pushed its price down to the lower-$9,000 region.

Bitcoin’s inability to find any solid support within the upper-$9,000 region signaled that bulls had overextended themselves, and similarly led Ethereum to face similar price action.

Overnight ETH hit highs of just under $200 before it lost its momentum and quickly retraced to lows of under $180, and it has been consolidating ever since.

In the near-term, it is highly probable that Bitcoin’s price action will steer that of ETH and other major altcoins.

ETH May Hit $260 in Near-Term, Claims Analyst

Josh Olszewicz, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that that ETH’s cloud formation and current trend channel may point to the possibility that it is positioned for a movement towards $260 in the coming month or so.

“$ETH 183 —> 260 e2e looking likely in nov,” he explained while pointing to the chart seen below.

In order for this possibility to be validated, however, it is imperative that BTC extends its upwards momentum, as a failure to do so could mean that significantly further losses are imminent and could mark this latest movement as a bull trap that precedes the next movement lower.

Featured image from Shutterstock.

     
 
 

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