Ethereum Needs to Break Past This Level to Kill Macro Downtrend

Tuesday 10 January 2020, 10:45 PM AEST - 5 months ago

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

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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 ...

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