Ether (ETH) value might proceed its positive aspects to hit $440 earlier than resistance kicks in, one analyst has advised mainstream media.
Chatting with Bloomberg on Feb. 14, Edward Moya, senior market analyst at on-line foreign exchange dealer Oanda Corp, warned that the most important altcoin’s large positive aspects in 2020 had been now wanting unstable.
GSI flashes bearish for ETH
ETH/USD has greater than doubled since Jan. 1, rising from $130 to press time ranges of greater than $270 — a seven-month excessive, information from Coin360 and Cointelegraph Markets reveals.
This month, it emerged that accredited traders in Grayscale’s Ethereum Belief had been paying as much as 300% premiums for tokens.
“It’s eye-opening the little run it has put collectively,” Moya mentioned.
He added that he expects “robust resistance” to kick in at round $440 ought to bullish momentum proceed.
Persevering with, Bloomberg highlighted Ether’s Basic Energy Indicator (GSI), a metric demonstrating whether or not an asset is overbought or underbought.
At the moment, GSI is flashing bearish — a rating of 92 this week is way in extra of the minimal 70 which designates “overbought” standing.
Ether GSI index and 1-year value chart. Supply: Bloomberg
Altcoin traders reap positive aspects
Ether is simply one of many main altcoins which have seen main appreciation in current weeks. As Cointelegraph reported, Tezos (XTZ) types the standout for traders this month, whereas Neo (NEO), Cardano (ADA) and XRP have additionally carried out strongly.
This “alt season” has caught many commentators unexpectedly — as 2020 started, it was Bitcoin (BTC) which confirmed probably the most potential.
The most important cryptocurrency has gained over 40% yr to this point, topping out at $10,500 earlier than encountering a resistance stage of its personal this week.