ETH lags behind Bitcoin as the price started underperforming as of late but analysts believe another move to the upwards is upcoming so let’s find out more in the ethereum latest news today.
While the benchmark cryptocurrency started trading at fresh yearly highs, ETH lags behind, being down by 30% from the 2020 highs. The underperformance is quite surprising for the investors as this latest BTC rally is one of the few that occurred in isolation. Altcoins have not been able to match the momentum over the past few days but it remains unclear as to how long the trend will continue. Today, the news about PayPal adding support for BTC, helped move its price higher but it also added some support for Ethereum. Once the market takes notice, it could send ETH shooting higher.
Bitcoin is trading at a new yearly high with bulls being in full control of the uptrend the sellers struggle to gain any traction. Ethereum is still consolidating at $380 but with the lack of selling pressure above $12,000 there’s a strong chance for Bitcoin to go higher but it is imperative that Ethereum’s rally matches the momentum or it could start another downside movement. ETH is trading above its key support at $380 which acted as a heavy resistance on a few other occasions. One analyst believes that a continued bout of trading above this level could bring the price to $410 in the upcoming few days.
At the time of writing, Ethereum is trading up just less than 4% at its current price of $382. This is around where the cryptocurrency was trading a few days ago while Bitcoin hovered in the lower $10,000 region. the inability to gain any momentum is interesting because PayPal’s announcement helped the Bitcoin price shoot higher as equally as it did for Ethereum. While sharing the thoughts on where ETH could trend in the near-term, one analyst explained that $380 is the main level to defend. He noted that the continued bout of trading of this level could open the gates for the next resistance level at $388.
While sharing his thoughts on where Ethereum will trend in the near-term, one analyst said that the $380 level is the crucial one to defend. He noted that a continued bout of trading above this level could open the gates for a test of the next resistance at $388 followed by a move to $410.
My next gameplan looking a little something like this if we can flip resistance. pic.twitter.com/xScSnegyKD
— Chase_NL (@Chase_NL) October 21, 2020
“ETH: My next gameplan looking a little something like this if we can flip resistance.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Credit: Source link