RATE Group | Ethereum Positioned to Rally to 2020 Highs After Breaking Key Resistance
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Ethereum Positioned to Rally to 2020 Highs After Breaking Key Resistance

20 Mar Ethereum Positioned to Rally to 2020 Highs After Breaking Key Resistance

Posted at 04:46h in Bitcoin News by

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Ethereum has been caught within the throes of an intense and unrelenting selloff for the past week, with its capitulatory drop seen last Thursday sending it reeling down from its position in the $200 region to lows of roughly $90.

In the time since this intense plunge, the cryptocurrency has been able to rebound and recoup some of these losses, with ETH incurring some notable momentum today that has allowed it to invalidate a bearish pattern it was caught within.

One top trader is now noting that he believes over a mid-term time frame Ethereum is positioned to rally back up towards its previously established 2020 highs.

Ethereum Sees Massive Upswing as Analysts Eye Key Resistance Regions 

At the time of writing, Ethereum is trading up over 20% at its current price of $137.30, which marks a massive surge from daily lows of $110 that were set yesterday while the crypto consolidated alongside Bitcoin and most other altcoins.

Because ETH is closely tracking Bitcoin’s price action at the…

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