Parabolic Rally Signs for Ethereum
Ethereum (ETH), ranking 2nd after the leading cryptocurrency Bitcoin in terms of total market value, experienced a critical rise by breaking the $200 resistance on February 6. Ethereum, continuing its rise today, is pushing the $220 levels. As Ethereum is below another resistance level, this bullish wave does not seem to slow down.
If this ongoing rally spreads over a long period of time, it is not even possible that it will soon turn into a parabolic rally. With this transformation, technical formations can occur that will provide grounds for major rises.
Ethereum Continues Its Climbing!
When we look at the price chart of Ethereum weekly, we can see that it has increased. With this rise, it managed to move away from the low levels of $ 175.
Crypto Rand, one of the popular cryptocurrency analysts on Twitter, has made predictions that this momentum will be long-lasting after ETH enters the “bullish wave”. Crypto Rand interpreted this as a bullish wave.
ETH Can Create an Amazing Bullish Technical Formation
Looking at the charts above, it seems that another key resistance level of the cryptocurrency will be around $240. This means that Ethereum can easily continue to rise to the $240 level before encountering a significant resistance.
Another potential factor that needs to be addressed is Ethereum’s potential to create bullish golden crosses in short-term investments.
Another popular cryptocurrency analyst Josh Olszewicz touched upon the subject of Ethereum’s golden cross situation. Olszewicz makes the following remarks by stating that the last momentum of Ethereum occurred without a golden cross and that the cryptocurrency will see higher levels when this event occurs:
“ETH hasnt even Golden Crossed yet.”
Ethereum’s thrilling bull run is likely to stick tightly to Bitcoin under buyers’ control. But technical situations like potential golden cross can lead to huge independent gains.
Investment information, comments and recommendations contained herein are not included in the scope of investment advisory. Therefore, making an investment decision based solely on the information and comments contained herein may not produce results that are in line with your expectations.