Awaiting A Breakthrough: Ethereum Has Favorable Conditions For Jumping Prices
Today, one of the largest altcoins Ethereum is in the “green zone” due to the prevalence of bullish impulses. Its price is kept at $190, which is one of the best indicators in April. By analyzing the market behavior of Ethereum, traders expect it to be able to make a breakthrough and finally surpass the $200 mark.
“Black Thursday” on March 12 did not pass by Ethereum and also like other altcoins. Since the second half of March, the price of Ethereum headed for an uptrend, but many analysts saw the possibility of a bearish price reduction shortly.
Moving averages, on the contrary, confirm the possibility of strengthening the uptrend for Ethereum. Since mid-April, indicators on the price chart demonstrate the presence of bullish impulses. At this point, analysts suggest 2 scenarios for Ethereum. Let’s look at each of them.
Scenario 1: “play” for a fall
If the bearish trend becomes dominant, the price of Ethereum could drop to $173. This will once again confirm the presence of interest among investors and traders with this altcoin and, as a result, an increase in the volume of trading operations with Ethereum. If the bearish sentiment strengthens in the market, the price of Ethereum may drop to $132.
Scenario 2: boost game
Given the current average moving averages in Ethereum, there is a big chance to make a bullish break. Analysts predict that as a result, the price of Ethereum can overcome the milestone of $200 and reach $228. Some analysts make even more optimistic forecasts: according to their opinion, if Ethereum maintains an uptrend, its price can reach $268 and consolidate at a new level of resistance.
Correlation with Bitcoin
Over the past few days, Ethereum has shown the highest correlation with Bitcoin. The correlation between assets reached a record high of 0.90. Thus, now the market behavior of Ethereum can be predicted based on the behavior of Bitcoin. If the flagship cryptocurrency maintain an uptrend, we may soon see the rise in the price of Ethereum.
Thus, if Ethereum follows the first development scenario, its price may fall back from the current figure of 190 dollars to 173 dollars. If bullish impulses play, Bitcoin will maintain an uptrend, the price of Ethereum may establish itself at the level of $228 with a possible breakthrough up to $268.