Ethereum continues to lead the market. Since the turn of the year, Ethereum has remained ahead of the curve, and now even as uncertainty grips the market, the largest alternative currency continues to advance. Over the past 24 hours, Ethereum has continued to climb higher, successfully breaking through strong resistance. Now it seems that the digital asset will reach $ 200 in the short term and $ 250 in the medium term.
Although the market appears to have stalled after a strong rally at the end of the week, Ethereum is not relaxing. As major currencies like Bitcoin and XRP traded laterally in the past 24 hours, Ethereum has continued to climb, gaining as much as 4%. The demonstration coincided with an important whale movement that was captured by Whale Alert.
🚨 🚨 🚨 🚨 🚨 271,105 #ETH (50,805,679 USD) transferred from unknown wallet to unknown wallet
– Whale Alert (@whale_alert) April 24, 2020
Investors remain cautious as these whales have the potential to make or break prices
Since getting this, Ethereum has successfully broken the $ 195 resistance. Although there is a lot of resistance around this position and a slight pullback is expected, it looks like the digital asset will soon be above $ 200.
– Satoshi Flipper (@SatoshiFlipper) April 24, 2020
Once the $ 200 resistance breaks, the coin is likely to enter a FOMO phase based on its merit and a broad market recovery triggered by Bitcoin's halving in the coming days.
While most analysts are convinced that Ethereum is in the lead, one is concerned about rising wedges. This is a bearish pattern that could lead to a gigantic collapse after a breakout.
Bullish because 200DMA has been flipped into support
Bearish because I’m skeptical of rising wedges
If we seen a bullish breakout of the wedge, I'd feel a lot better looking for long opportunities. pic.twitter.com/QLemzhmxl6
– Posty (@PostyXBT) April 25, 2020
Several analysts acknowledge that this is a potential concern. Fortunately, it is one that can be easily reversed if the volume starts to rise and reaches highs of $ 200.
For now, the bulls will be looking to close the $ 200 mark before an initial pullback. This will allow for greater support and better consolidation before confirming a larger breakout. This will be followed by $ 250 before reaching the annual highs of $ 300.