For months and months, Ethereum (ETH) has been in the trenches of a bear trend. Even in 2019, when global markets saw near-record gains and Bitcoin gained 90% in 12 months, the second-largest cryptocurrency by market capitalization posted a loss, managing to underperform effectively everything.
And since peaking near $1,400 at the start of the bear market in 2018, the cryptocurrency has fallen by literally 90%, crumbling under the pressure of a market recentralizing in BTC.
But, according to a prominent cryptocurrency trader, the macro downtrend may soon end, if Ethereum can break this one key level that is.
Ethereum Needs to Break $200
Prominent cryptocurrency trader Dave the Wave recently noted that while Bitcoins strong pump has pushed Ethereum and its ilk higher today, ETH remains a far way from a macro downtrend line that has constricted upward price action for over a year now.
He noted that for ETH to break this downtrend, it will need to push around 35% higher from current levels and surmount $202, which would allow it to break past a number of key resistances, leaving it in the open air.
One the maximalists won't want to see. Will ETH beat BTC in breaking out it's macro downward trendline? pic.twitter.com/O8Xwvp1UjH
— dave the wave (@davthewave) January 14, 2020
Technicals Suggest Its Possible
While $200 may seem far away, its purportedly possible.
Cryptocurrency trader CryptoWolf recently noted that Ethereums price, with the latest price action, has allowed the cryptocurrency to break above a seven-months falling wedge chart structure. Due to the magnitude of ...