The crypto market is experiencing an involatile day. Current market trends show that nearly all the major tokens are trading marginally up or down. The top digital currency Bitcoin (BTC), has maintained the $3,400 support position for long. Other cryptos, like Ethereum (ETH), have been resting at, or just above, their support positions, which has led many traders to act cautiously when it comes to entering long positions.
Ethereum (ETH) Price Today – ETH / USD
Despite the fact that traders are expressing caution regarding long positions, a prominent analyst observed that Ethereum (ETH) is potentially preparing for a price increase that could send the top asset class skyrocketing to over 90% from its current price.
Ethereum (ETH) Looks Stable Above the $100 Position, But May Drop to $90 Before Surging by 90%
As of press time, Ethereum (ETH) is trading marginally at $104.9. Earlier in the week, the crypto token fell to $103 before moving to its current position. Ether has so far remained steady above $100, an important psychological position.
Yesterday, a prominent analyst called Hsaka, in several tweets explained why he believes Ether will need to break above its former consolidation support of $105 to move higher. The crypto eccentric also noted today that the current price has now been confirmed as a resistance level because ETH hasn’t been stable each time it reached this level during the day.
Bearish Sentiment Noticeable
There is still Bearish bias in play until the red level successfully reclaims the support. Despite this unique position, another popular crypto analyst on Twitter DonAlt, shared his thoughts regarding ETH, in the end noting that there’s a potential for the asset to surge by 90% in the near-future. Although the analyst remarked that Ethers price might have to drop to $90 before it can begin to rise.
DonAlt via his Twitter page explained that a break below the $90 position would result in significantly more losses.
If DonAlt’s analysis proves or turns out to be an accurate forecast, a surge to the $200 position would ultimately signal a 90% rise from the current price levels of ETH. It will also signal a gain of 122% from $90, should it fall to this price level before surging.
The Crypto Market is Trading Flat
Despite the fact that Ethereum (ETH) may be preparing for major price gains, the other cryptos are trading flat. Bitcoin (BTC) sits slightly above its support position at $3,400.
As of press time XRP is trading marginally at $0.292. XRP had previously found support at $0.28, which will probably continue to be a support position, assuming Bitcoin (BTC) doesn’t drop sharply below its current price position.
Bitcoin SV, surged yesterday and has successfully maintained its recent gains currently trading sideways at $63. Over the last few days, Bitcoin SV rose from $57 to $67.6, before settling down at its current price against the USD.
Ethereum remains on course to make significant gains in the future, yet it is unlikely that the asset class will surge unless Bitcoin (BTC) starts to climb above its current price position because BTC’s instability will probably discourage investors from investing in long positions.