The cryptocurrency market experienced intense optimism overnight, with Bitcoin's rally from lows of less than $ 6,600 to highs of $ 7,200 allowing Ethereum and many other altcoins to post similar concentrations.
In the case of Ethereum, this new uptrend has outpaced what Bitcoin and many of its peers have seen, as the cryptocurrency has recovered nearly 10% in a 24-hour trading period.
Analysts also don't anticipate that this rally will end soon, as several traders are now setting targets within the $ 200 region due to this latest move marking a "clean break" of strong resistance.
At the time of writing, Ethereum you are listing more than 8% to your Actual Price at $ 169, marking a massive rise from the daily lows of $ 150 that were set yesterday while crypto was engaged in an extended period of side trading.
This strength also allowed the cryptocurrency to overcome a week's resistance within the lower-to-average $ 160 region that was previously repressing its price action.
Analysts are now becoming increasingly optimistic about cryptocurrency, and a group of analysts on Twitter he pointed that this latest rally marked a "clean break" that is likely to lead Ethereum to rise 20% against Bitcoin.
"ETHBTC: This clean break is fine for 20% Q1," they noted as they pointed to the chart below.
The targets outlined in this chart seem to indicate that Ethereum may soon rise from its current price against BTC from 0.024 to 0.028.
"The price of ETH is likely to rise beyond $ 200"
The bull market structure formed by this latest breakout rally is also likely to give Ethereum room to compete against its USD trading pair, with analysts now pointing to an impending move to over $ 220.
An analyst is even going so far as to say It is likely to rebound to $ 220 in the following days and weeks, primarily due to this latest surge marking a breakout of a bullish descending wedge in which it previously was caught.
What a candle at ETH Send it to $ 220. Quick, ”he said optimistically, pointing to the pattern seen in the table below.
If Ethereum can sustain this recovery for an extended period of time, this may usher in a new mid-term bullish trend.