Ethereum maintains its leadership in the market. Since the beginning of the year, Ethereum has followed a good trend, and now it continues to progress even though the market is uncertain. Ethereum has continued to rise in the past 24 hours and has successfully broken a great resistance. The digital asset seems to reach $ 200 in the short term and $ 250 in the medium term.
Ethereum does not stop, although the market seems to have stopped after a hard recovery at the weekend. While big cryptocurrencies like Bitcoin and XRP have not seen any major changes in the past 24 hours, Ethereum has moved up 4%. This rally coincided with a huge whale movement caught by the account named Whale Alert.
🚨 🚨 🚨 🚨 🚨 271,105 #ETH (50,805,679 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) April 24, 2020
Investors Behaving Prudently
Ethereum successfully broke the $ 195 resistance. Although there is a lot of resistance around this position, a short retreat is expected; however, the digital asset seems to rise above $ 200 soon.
— Satoshi Flipper (@SatoshiFlipper) April 24, 2020
It is likely that the value of this altcoin will increase with the breaking of the $ 200 resistance and enter the FOMO stage due to a wide market rally triggered by the halt of Bitcoin in the next few days.
Worry about Rising Wedge Pattern
Most analysts are convinced of Ethereum’s leadership, while others are concerned about the rising wedge pattern. This is known as a fall pattern.
Bullish because 200DMA has been flipped into support
Bearish because I'm skeptical of rising wedges
If we seen a bullish breakout of the wedge, I'd feel a lot better looking for long opportunities. pic.twitter.com/QLemzhmxl6
— Posty (@PostyXBT) April 25, 2020
Some analysts agree that this is a potential concern. Fortunately, if the volume of the digital asset starts to increase and reach $ 200, this will be something that can easily be reversed.
For now, the bulls will want to close the $ 200 level before they retreat first. Higher support and better consolidation are likely to occur before a larger break. It will follow the $ 250 level before it reaches the highest level of the $ 300 year.