Analyst: The bottom is in for ETH; can we see another break above $180?

08 Apr, 2019 | Updated: 08 Apr, 2019
by Will Heasman
Price Analysis
Analyst: The bottom is in for ETH; can we see another break above $180?

While the rest of the market succumbs to a slight retrace of recent gains, Bitcoin and Ethereum are appearing to forge on; this is especially true of Ethereum which has made notable ground in the past few days. So where is Ethereum headed? Can we expect another break through $180?

Ethereum (ETH) has recently broken through new highs in 2019, to $180, a price point not seen since back in November of last year, and now, mutltiple analysts hint at more to come.  

As reported earlier today, Nic Trades a technical analysis expert on YouTube, suggested in a recent video that Bitcoin was looking ready to trade sideways, and even possibly down thanks to an impending double top which threatens to swing the price lower.

However, staying bullish, the analyst suggests that a look at Fibonacci ratios can relay some useful information as to a bottom, adding that once under a fib level they work as resistance and thus support once above them.

Using this hypothesis on ETH, Nic posits that a bottom for ETH has come in, alluding to support around $166, adding that ETH is likely “no longer in a downtrend.”

Our next analyst also looking at these key ratio levels, suggesting that $172 for ETH was, much like Nic Posited, acting as a key support area; which would determine either an upward continuation or a downturn.  

Other traders looked to the next levels of resistance, suggesting ETH was gearing up to test against them:

The next depicted an ascending channel, with ETH’s breakout above the upper resistance and subsequent retrace below, adding that ETH likely needs to consolidate before another test:

So for now, it seems we're in a waiting game, for ETH to either break through $180 or get rejected. However, even the following rejection as long as the Fibonacci ratio theory holds true, we could see some support on a retrace, leaving some interesting opportunities open.

Read more: Where is Bitcoin headed next? Will a double top prove deathly?Justin Sun: TRON will collaborate with ETH network this year

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