The upward ascent of Bitcoin in the past few weeks is positive for the aggregated crypto markets. This has allowed other major cryptocurrencies including Ethereum (ETH) to put a significant amount of distance between their current prices and the yearly lows. According to the analysts, the upward momentum might continue allowing the Ethereum to extend its upward surge to $300 in the not too distant future.
Strong Technical Foundations by Ethereum
Whenever you look at the long term price action of Ethereum, the cryptocurrency would trade up from its 2018 lows of just under $90 and up from the 90-day lows of $130. The upward ascent of Ethereum is driven by Bitcoin’s recent deluge which has sent BTC from lows of roughly $3,000 to highs of nearly $8,400.
The upward deluge of Ethereum has allowed it to form bullish technical formations that might allow it to surge higher in the upcoming future, along with its most notable recent formation being a coveted “golden cross”.
Ethereum might surge to $300 next according to Analysts
The popular cryptocurrency analyst on Twitter, the Cryptomist, expressed her thoughts on Ethereum in a recent tweet, saying that it currently has support at $249 and the near term upside target existing at $269. She also believes that there is a possibility that crypto might test $270 with a break above level thereby leading it to a higher level.
For the altcoins and Ethereum to form the upwards leg in the upcoming future, Bitcoin must continue advancing higher or must find stability and consolidate around its current price levels as a part of rejection and retreat could imperil the momentum in the market.