Ethereums Moving Averages Point to Bullish Continuation With a $1,000+ Target

Wednesday 16 September 2020, 1:49 PM AEST - 1 week ago

Ethereum has seen some slight weakness throughout the past couple of days. This has come about despite the intense strength that Bitcoin has displayed, signaling that the resistance ETH faces between $380 and $400 may be insurmountable.

Although ETH has yet to post any sort of technical breakout, it remains a strong likelihood that the digital asset sees further upside in the mid and long-term.

One trend seen while looking towards ETHs daily moving averages is incredibly bullish and is strikingly similar to one seen in 2016.

If history repeats itself, this signals that the cryptocurrency will be trading at over $1,000 in the coming couple of years – a possibility that one analyst is calling likely.

It is important to note that this potential macro uptrend will depend somewhat on Bitcoin, as it is unlikely that Ethereum will see fresh all-time highs in the coming few years while BTC remains either bearish or stagnant.

Ethereum Fails to Break Above $380, Incurs Inflows of Selling Pressure

At the time of writing, Ethereum is trading down just over 2% at its current price of $369. This marks a notable decline from its recent highs of $380 that were set earlier this morning.

After tapping this price level, the cryptocurrency instantly began plunging lower, with it now attempting to find support within the upper-$360 region.

This shows just how strong the selling pressure at this price level truly is. Over the past few days, ETH bulls have attempted to break above $380 on multiple occasions.

Each time this price region has been broken above, the cryptocurrency has only been able to sustain above it for a handful of hours.

This shows that, at least for the time being, bears remain in firm control of the upper-$300 region.

ETHs Moving Averages Signal a Macro Uptrend is Brewing

Despite seeing some short-term weakness, Ethereums long-term outlook still remains incredibly bright.

One analyst is pointing ...

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