RATE Group | Ethereum Can Hit $440 But Indicator Warns Altcoin ‘Overbought’
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Ethereum Can Hit $440 But Indicator Warns Altcoin ‘Overbought’

14 Feb Ethereum Can Hit $440 But Indicator Warns Altcoin ‘Overbought’

Posted at 14:43h in Ethereum News by

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Ether (ETH) price could continue its gains to hit $440 before resistance kicks in, one analyst has told mainstream media. 

Speaking to Bloomberg on Feb. 14, Edward Moya, senior market analyst at online forex broker Oanda Corp, warned that the largest altcoin’s huge gains in 2020 were now looking unstable. 

GSI flashes bearish for ETH

ETH/USD has more than doubled since Jan. 1, rising from $130 to press time levels of more than $270 — a seven-month high, data from Coin360 and Cointelegraph Markets shows. 

This month, it emerged that accredited investors in Grayscale’s Ethereum Trust were paying up to 300% premiums for tokens.

“It is eye-opening the little run it has put together,” Moya said. 

He added that he expects “strong resistance” to kick in at around $440 should bullish momentum continue. 

Continuing, Bloomberg highlighted Ether’s General Strength Indicator (GSI), a metric demonstrating whether an asset is overbought or underbought. 

Currently, GSI is flashing…

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