Ethereum (ETH) has been driven by a recent surge in aggressive cryptographic markets and has been able to expand its momentum despite the fact that Bitcoin has erased much of its recent earnings overnight.
This bandwidth enabled ETH to decisively drop over $ 200, which is likely to prove to be the main support level in the near future, and any continued speed on altcoinds is likely to allow Ethereum to make significant further gains in the coming days and weeks.
Ethereum will take the previous $ 200 as a Bulls Roar
At the time of writing, Ethereum is trading above 5% at its current price of $ 201, a significant increase from the weekly low of $ 180.
This upward momentum was first triggered earlier this month when the ETH fell to $ 170, subject to strong buybacks, allowing cryptocurrencies to begin its uptrend, which has since risen to $ 200.
Does ETH continue to move higher?
Analysts predict that Ethereum will rise in the near future as the trading room, a popular crypto-analytics group on Twitter, explains that ETH is likely to be between $ 209 and $ 219.
In the short term, it is likely that Ethereum will continue to gain momentum as it has grown amid growing pressure on Bitcoin, which has begun to decline its dominance in the cryptographic markets as altcoins begin to move forward.
BigCheds, a popular cryptocurrency analyst on Twitter, said in a recent tweet that ETH is currently well above its 200-day moving average of $ 200 in the low region, which may be where the cryptographer finds some resistance, slowing current growth.