One top trader claims that the Ethereum price has been bleeding lately but may reverse and hit its 2020 highs again in the next period. As we can see, ETH has been caught within the throes of an intense and unrelenting selloff for the past week, after the capitulation which brought it into the lower $100 region and even below it to nearly $90.
In the time since this intense plunge, the largest altcoin by market cap has been able to rebound and recoup some of these losses. ETH did incur some notable momentum today and rose to new weekly highs at $140 which is why one top trader claims that the reversal is back.
We are talking about Satoshi Flipper, a popular personality in the ETH news. He is now noting that he believes over a mid-term time frame where Ethereum is positioned to rally back up towards its previously established 2020 highs.
At the time of writing, the Ethereum price is trading up by over 20% at a current price of $140, marking a massive surge from the daily lows of $110 set yesterday. As the leader in the coming altcoin news, Ethereum keeps on gaining which is good now as the crypto consolidated alongside Bitcoin and most other altcoins.
Because ETH is closely tracking the Bitcoin price action, one top trader claims that the increase will likely depend on BTC as the leading coin out there. The prominent analyst and trader explained in a recent tweet that the key near-term resistance for the Ethereum price now sits at roughly $140 with a decisive movement past this level that may open the gates for a rally towards $160.
“ETH/USDT: Currently at $140 resistance. Flip this level and $160 is next,” Satoshi Flipper noted and pointed to one chart showing the key levels that he is looking at the moment.
Currently at $140 resistance
Flip this level and $160 is next pic.twitter.com/H4uku6oHxe— Satoshi Flipper (@SatoshiFlipper) March 19, 2020
In addition to this, the Flipper said to “flip this level” and once ETH does that, $160 would be next. If Ethereum is unable to break above this level, it may range sideways or erase some of its recent gains as the market waits for Bitcoin to make a trend defining movement.
As the top trader claims that ETH could surge soon, he does not believe that its uptrend will stop at $160 if it is able to break through its key near-term resistance. He further went on to explain in a later tweet that his mid-term upside target for this coin sits at roughly $260 which is just a hair below the year-to-date highs of $290 which were set in mid-February.
“ETH/USDT: Pay attention future crypto legends,” he said.
Pay attention future crypto legends pic.twitter.com/83brTBEvEY— Satoshi Flipper (@SatoshiFlipper) March 19, 2020
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