Ethereum (ETH) Price Expected to Reach $220 While Breaking Out of Range

News
Mon, 03/09/2020 - 10:26
Yuri Molchan
The second largest currency is down thirty percent and has recently been trading in a flat range. However, analysts believe it is going to break out and hit $215-$220
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Contents

Within just a couple of days, the Ethereum price has rolled down from the $249 price peak and is now trading at $206. The plunge coincided with Bitcoin bull Anthony Pompliano dismissing ETH as something close to fiat at the end of last week, saying that it is a mistake taking ETH for real money.

Crypto analysts remain bullish on Ethereum, expecting it to regain some of its earlier highs soon.

‘We may see a bounce towards $215-220’

Analyst Michael van de Poppe (aka Crypto Michael on Twitter) believes that Vitalik Buterin’s ETH is likely to soon head in the direction of $215-$220. However, later on, the analyst expects it to decline to even lower than it is now – to $170-$180 for a longer period. He tweets:

Bullish on ETH

Trader ‘CryptoWolf’ has a bullish take on ETH, posting a chart on which the ETH price is breaking from a Falling Wedge pattern. The trader marks the next spot for the coin’s rise at 0.02336 ($449) calling it a testing point.

Related
What Ethereum's 10% Overnight Plunge Shows About the "Alt Season" Future

‘Time for a bullish breakout’

Trader ‘Posty’ has shared a 12-hour ETH/BTC chart from Binance on which Ethereum continues trading in a flat range. If ETH is to break out in a bullish way, then now is the time, the trader tweets.

‘Posty’ calls Ethereum an indicator of when it is time to turn attention back to altcoins. He did not specify, though, what this indicator is telling him now.

Weiss Ratings responds to Pomp

As reported by U.Today over the weekend, financial analytical agency Weiss Ratings responded to Anthony Pompliano, the VC investor and Bitcoin lover,  after he slammed Ethereum earlier last week.

Pomp stated that believing ETH to be real money is a mistake, saying that this coin is similar to fiat and that developers want to build on Bitcoin much more than on Ethereum.

Weiss Ratings rebuked Pomp (without naming him) for supporting government-backed stablecoins, rather than ETH. The agency added that, at the moment, Ethereum is what is pushing the crypto industry forward. 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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