Ethereum Is Positioned for Bottom, Here is The Reason
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Ethereum Is Positioned for Bottom, Here is The Reason

January 2, 2020      Cryptoknowmics

The entire crypto markets had a positive performance last year, as BTC price surged by almost 100 percent. However, altcoins had mixed performance, with the price of ETH declining marginally while the price of XRP fell massively by 45 percent.

At the moment, Analysts are pointing at the possibility of ETH being on the edge of experiencing remarkable additional gains; with the powerful support close its price levels at the moment, possibly allowing it to soon rally to as much as 100 percent.

At press time, the price of Ethereum has increased by 1 percent at $132, representing a remarkable surge from its recent lows of $128 established some days ago.
Within the previous few weeks, ETH has been looking for remarkable support within the $120 zone, with its multi-month lows at the moment around $120 and a major support at $125.

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The capacity of ETH to maintain a strong level over this support area truly enhances its bullish case and could mean the likelihood of significant additional upside in the near-term.

According to a renowned crypto analyst named Scott Melker, who bears the pseudonym “The Wolf of All Streets,” the remarkable support in the $120 area is his reason for saying ETH appears “decent” currently.

As regards where ETH is heading next based on the powerful support, another renowned crypto analyst known as DonAlt maintained in a tweet recently that ETH is at the moment within a wide trading range that may eventually take its price to $268 in the near-term.

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