Bitcoin is making the headlines with its progress this week as it inches higher before halving. Ethereum has been largely overlooked, but according to one analyst, it may not drop below $200 again.
Ethereum has been on the back-foot all week, retreating from a high of US$225[AU$350] to its current price of around $205.
The nine percent slide has been the opposite of what Bitcoin has done, gaining 5.5% over the same period.
Ethereum is still massively down from its all-time high, although fundamentals for the network keep improving. Unfortunately, these are not being reflected in current prices.
One analyst is of the opinion that ETH prices may not drop below $200 again, even though they are very close to it at the moment.
“Good chance right there that sub $200 was the last dip you had to re-load before it’s next run. Both times we’ve dipped sub $200 it’s been eaten up very quickly.”
$ETH – Good chance right there that sub $200 was the last dip you had to re-load before it’s next run. Both times we’ve dipped sub $200 it’s been eaten up very quickly. I will buy if we drop $200 again but I think that was most likely your last chance. pic.twitter.com/e0eQGo4uLB
— IncomeSharks (@IncomeSharks) May 7, 2020
According to the charts, ETH has remained above $200 for the past week though it has tested it a couple of times.
This level is a major support zone and anything below it is likely to get bought up quickly.
A market-wide collapse is the only thing that will dump ETH that hard, and at the moment, the crypto markets are in recovery.
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