Ethereum (ETH) has been incurring significant bullish momentum over the past several days, and it has been able to maintain some stability around $220 despite the aggregated crypto markets facing some downwards pressure as Bitcoin nears $10,000.
Analysts are now noting that Ethereum may still be targeting over $260 in the near-term, despite incurring some bearish technical formations over the past 12 hours or so.
Ethereum Begins Forming Tight Trading Range
At the time of writing, Ethereum is trading up slightly at its current price of $218, which marks a slight jump from its 24-hour lows of $215, but also marks a notable retrace from its daily highs of over $220.
Over the past seven days, Ethereum has been caught in a clear uptrend, surging from lows of $185 to highs of nearly $225, which is where ETH found some levels of resistance that halted its upwards momentum and has caused it to range sideways in the time since.
It now appears that ETH is caught in a trading range between roughly $215 and the mid-$220 region, and it is likely that this range will continue to hold strong in the near-term so long as the aggregated crypto markets maintain some stability in the coming days and weeks.
Currently, Bitcoin is struggling to maintain its foothold within the lower-$10,000 region, and it is beginning to look as though that BTC will once again visit the $9,000 price region and its bears gain the upper hand.
Assuming that Bitcoin does drop to its next major region of support around the lower-$9,000 region, it is highly probable that Ethereum and most other major alts will also retrace.
Could ETH Soon Target $263?
Analysts believe that Ethereum could soon target $263 despite the current bearishness in the aggregated crypto markets, which will likely only happen if Bitcoin is able to maintain some stability or begin climbing higher in the near-term.
Josh Olszewicz, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he believes ETH will target $263 in Q4 despite it showing some signs of imminent near-term bearishness.
“4h $ETH: bear div here. Case for macro RSI building. Should fill gap to $263 pretty easily in Q4,” he noted.
bear div here
case for macro RSI building
should fill gap to $263 pretty easily in Q4 pic.twitter.com/HeJ9RyPcT3
— Josh Olszewicz (@CarpeNoctom) September 20, 2019
The coming days and weeks will likely elucidate whether or not Ethereum will be able to extend its recently found upwards momentum, and it is highly probable that the crypto’s near-term trend will largely be dictated by Bitcoin’s price action.
Featured image from Shutterstock.
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