Ethereum potential 40% bull run to $ 185 if the daily candle closes above the MA 50 next week
Ethereum has been closely monitoring Bitcoin’s price action for several days, which has led to a surge in volatility, which often favors buyers. ETH is now able to regain its stable position in the $ 140 zone, appearing after the bulls defend a key support area.
Analysts are currently noticing that the strong protection of this support area could mean that ETH is ready for a significant price increase, whereby it could rise 25% or more, though all eyes are on Bitcoin to see where it will go.
Ethereum broke up above the $ 140 area
At the press time, Ethereum is trading up about 0.5% at the current price of $ 144,
marked a significant increase from the recent lows of $ 134, set a few days before Bitcoin slipped to the critical support zone of $ 7,700.
It looks like ETH’s current key support exists at $ 135, as this is where it has found significant buying pressure after the recent rally and resistance to the uptrend.
In the short term, large altcoins that tend to like Ethereum will probably depend mainly on where Bitcoin is going to go next, as most cryptocurrencies have formed a strong correlation with BTC. Analyst “The Wolf Of All Streets” tweeted:
“Many large-cap coins are hitting key resistance on their USD pairs. BTC, ETH, and LTC are all shown here. Considering they are generally underperforming on BTC pairs, it would take a major Bitcoin move up to break out here. Not particularly encouraging”.
Large Cap USD Pairs
Many large-cap coins are hitting key resistance on their USD pairs. $BTC, $ETH, and $LTC are all shown here. Considering they are generally underperforming on $BTC pairs, it would take a major Bitcoin move up to break out here. Not particularly encouraging. pic.twitter.com/Ogh0eMj4pU
— The Wolf Of All Streets (@scottmelker) January 9, 2020
Is ETH likely to breakout to $ 185?
The likelihood of Ethereum will bounce strongly from recent lows in the $ 130 zone and will soon see a significant increase.
Livercoin analyst noted in a tweet that ETH’s next resistance exists at around $ 180. This shows how far ETH’s recent rally will be before BTC meets the insurmountable resistance level.
decent S/R flip on $ETH against dolla
wouldn’t short that pic.twitter.com/UDYyXBtQey
— Livercoin (@livercoin) January 10, 2020
Ethereum has completed the Muir Glacier hardfork and is waiting for another major update, Ice Age. As for its price, Ethereum has established a long-term, bearish wedge-rising pattern. Falling wedge tends to break out, causing an increase in price.
Daily ETH / USD chart. Source: TradingView
Price has now ended the falling wedge pattern. Price can find support above this range. Bouncing off this support could allow for a breakout rise.
This support will be a 50-day MA, currently right below the price. If the price could close above $ 143, it would be extremely bullish for ETH. However, the scenario of price hike depends on the daily close.
There is a high possibility that Ethereum and other altcoins may pump in the coming months. The reason for the pump will be halving and the dominance of Bitcoin. The high correlation of BTC with altcoin will cause the same surge. Therefore, Ethereum may be up about 40%, up to $ 185, but with the condition, the daily candle closes above the 50-day MA ($ 143) in the coming week.
Ethereum price today. Source: Coinmarketcap
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