Ethereum Stabilizes Above $170, Further Upside On The Way

The Ethereum news this Sunday show that despite the reds present on the market today, Ethereum stabilizes and is currently trading at $172. The momentum around the cryptocurrency is solid and it seems like the bearish trend is only minimally affecting ETH.

The slight upwards momentum comes about as the Bitcoin news show stability around the $8,000 region for the most dominant cryptocurrency. Analysts are currently noting that Ethereum could incur massive upsides in the future – but there are ones who believe the fact that Ethereum stabilizes does not mean it could not further extend its recently incurred downwards momentum.

At the time of writing, the ETH news show that the second largest cryptocurrency is at $172 after surging by more than 4% yesterday. This marks a notable rise from its recent lows of under $160 that were set earlier this week as Bitcoin pushed below the $8,000 region.

The ability to surge is what is impressive for ETH – especially because it manages to surge from its recent lows of under $160 that were set earlier this week. Bitcoin is pushing below the $8,000, and the momentum around BTC is now stable.

In the near-term, analysts believe that ETH may incur further bearishness. As Ethereum stabilizes, there are a lot of mixed opinions on the market. For instance, Horn Hairs, who is a popular cryptocurrency analyst on Twitter, recently explained that crypto is currently pushing up against the resistance zone which is likely to force it lower in the near-term.

“$ETH inverse weekly chart: What in God’s name makes you ‘bullish’ here? People calling for lower feels a lot like when people call altseason when we get a bearish retest into resistance,” he explained in a recent tweet.

Even though in the near-term Ethereum could drop significantly further as it pushes into its next key resistance zone, the macro outlook is still quite bullish. One technical indicator points to the possibility that ETH will ultimately surge to highs of $3,000.

Another analysis in the Ethereum latest news was made by BitcoinEconomics, a channel that spoke about the Bitcoin Economics Adaptive Multiple (BEAM) shows when it is applied to Ethereum’s price action – which may be a positive thing for ETH investors.

“BEAM also works with Ethereum. It even says we reentered a buy zone. It predicts a minimum of $3300 for the next ATH of Ethereum. Same false sell signal in mid 2017 as for Bitcoin in April 2013,” the analysts noted while pointing to the charts.

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Ethereum Stabilizes Above $170, Further Upside On The Way
Ethereum Stabilizes Above $170, Further Upside On The Way
Ethereum Stabilizes Above $170, Further Upside On The Way
Ethereum Stabilizes Above $170, Further Upside On The Way

Ethereum Stabilizes Above $170, Further Upside On The Way

Ethereum Stabilizes Above $170, Further Upside On The Way