Over a mid-term time frame, Ethereum is positioned to rally back up towards its previously established 2020 highs

Over the past week, Ethereum has been sold off violently with a drop in the capital on Thursday. This caused ETH to drop out of the $ 200 zone, to as low as around $ 90. However, since this sharp decline, ETH has recovered and recovered some of these losses. At press time, ETH is hovering around $ 150, up more than 23% in the past 24 hours.

over-a-mid-term-time-frame-ethereum-is-positioned-to-rally-back-up-towards-its-previously-established-2020-highs1

Source: CoinMarketCap

Ethereum arises several notable drivers today

Satoshi Flipper, the market’s leading cryptocurrency trader, emphasized that he believes Ethereum’s medium-term time frame is positioned to rise back to the highest level previously set in 2020.

At the time of writing, Ethereum is trading up to more than 20%, marking a jump from the daily low of $ 110 established yesterday while the cryptocurrency merged with Bitcoin and most other altcoins because ETH is keeping a close eye on Bitcoin’s price action at this point, whether it can go higher or not will depend on whether BTC can surpass resistance.

Satoshi Flipper said Ethereum’s main short-term resistance level is at around $ 140, with a decisive move over this level, opening a rally to $ 160.

If Ethereum fails to overcome this level, it may sideways or erase some of its recent gains as the market waits for Bitcoin to perform a trend-defining trend. Satoshi Flipper doesn’t believe that Ethereum’s ongoing uptrend will stop at $ 160 if it can overcome its main short-term resistance level.

He went on to explain in a later tweet that his medium-term growth target for ETH was around $ 260, which is just a hair below its year-to-date highs of $ 290 that was set in mid. -February.

The coming days will provide investors with insight into the long-term importance of this movement, as a sustained uptrend could invalidate its recent price drop and recall the sentence. It is said that the cryptocurrency market has completely separated from the traditional market.

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