Ethereum (ETH) may be on the cusp of seeing a massive parabolic rally, with the crypto’s recent bullishness laying the groundwork for what could be a violent upwards movement.
The firm uptrend that ETH has been caught within throughout 2020 has allowed it to slowly grind up towards the $200 level – a price region that has not been seen since September of last year.
Analysts are now widely noting that ETH’s decisive break above $200 could lead to a “moonshot” rally, with a recently formed technical formation also suggesting that ETH could be on the cusp of seeing parabolic returns.
Ethereum Smashes Through $200 as Analysts Eye a “Moonshot” Rally
At the time of writing, Ethereum is trading up just under 10% at its current price of $204.81, which marks a massive climb from daily lows of $188 that were set just prior to the momentum that was incurred earlier this morning.
It is important to note that $200 was previously a critical resistance region for Ethereum, and its decisive break above this level seems to suggest that its 2020 rally is about to turn parabolic.
Crypto Rand – a highly respected cryptocurrency analyst on Twitter – explained in a recent tweet that investors should expect a “moonshot” if ETH decisively breaks through $200.
“If ETH breaks $200 expect a moonshot,” he said while pointing to the chart seen below.
While looking at this chart, it does seem as though Ethereum’s next resistance region exists around $230.
This Technical Pattern Suggests ETH’s Rally is About to Turn Vertical
“If ETH breaks the green line it’s showtime,” he said while pointing to the aforementioned technical patterns seen on the below chart.
While considering the confluence of all these bullish factors, it does appear to be
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