Once again Bitcoin has found itself stuck. Over the weekend, the cryptocurrency failed to move in any notable fashion, flatlining in the low-$9,000s as buyers and sellers duke it out for dominance. Altcoins, on the other hand, saw an extremely strong weekend, with Ethereum surging to $190 and XRP passing $0.25, setting multi-month highs as BTC flatlines and tries to establish a direction.
While most eyes are on Bitcoin, some analysts have begun to recently eye ETH, which many say is a bellwether for the rest of the altcoin market.
And interestingly, many are bullish on the altcoin.
Ethereum To Break Even Higher
As noted by cryptocurrency analyst Crypto Einstein, Ethereum closed the past week above $168, which he seemingly pointed to as a key level for the asset to move across. He added that with ETH recently registering its 6th consecutive green week in a row for the first time since the rally in early-2017, he would be inclined to believe that Ethereum’s “bull market [has been] confirmed.”
ETH/USD closed the week above $168 👀
— Crypto Einstein (@BitcoinEinstein) February 3, 2020
Josh Olszewicz, a crypto asset analyst at markets research firm and data provider Brave New Coin, recently gave a confluence of technical analysis factors as to why the price of Ethereum could soon surge by hundreds of percent, echoing his contemporaries:
- ETH is currently in the midst of forming an Adam & Eve bottom on its weekly chart. Should the bottom play out in full, the price could reach $444 to $555, Olszewicz suggests, noting that is where there exists a confluence of the 1.618 Fibonacci Retracement and the measured move, which are both nearly “yearly pivots.”
- The volume profile purportedly agrees with this sentiment, with the analyst adding that a pitchfork he drew on the chart of Ethereum suggests a move to the aforementioned level by late July or late September.
- Ethereum is showing the potential to embark on an end-to-end Ichimoku Cloud move from $200 to $750, which is a move that Bitcoin did from 2015 to 2017.
still very early, but possibility of A&E-type pattern building
1.618 and measured move are also near yearly pivots, $444-$555 pic.twitter.com/OZSFBxyc87
— Josh Olszewicz (@CarpeNoctom) January 30, 2020
Not to mention, top traders are also optimistic about the prospects of BTC. Trader Chonis pointed out on Saturday that Bitcoin, even with its strong decline, bounced off the key middle Bollinger Band level on three separate occasions, with there being long wicks under the Band that were rapidly bought up, signaling strength.
With this in mind, Chonis suggested that this triple-test and hold of the Bollinger Band suggests an “upper Bollinger Band target above $11,000” is in play. More specifically, the upper Band is currently at $11,700 — 25% above current prices.
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