Ethereum Price Action: A Bullish Breakout Of The Parallel Channel Could Take ETH To $363 (Zycrypto)
While the cryptocurrency market is still trying to find its footing even for Bitcoin, there may be more hope for Ethereum (ETH) than most people think. A cryptocurrency analyst Herald Weygand believes Ethereum may be heading back to $363, stating that the sell-off which brought the price down is finally over.
Ethereum, just like Bitcoin (BTC) had pulled back from its high price which was up to $347 to a price under $300 several times. At the time of writing, the number two cryptocurrency is at $284 with a 24-hour loss of 5.75%. Earlier today, it was trading at over $300 before going on a steady decline to the current price.
Also in the last 7 days, Ethereum had traded at up to over $350 after which the pullback kicked followed by today’s decline. Herald’s forecast was given on 29 June when the price also dipped below $300. While the slight surge earlier today seemed like a way to the $300+ predicted price, the high hopes began to dwindle when the price dipped again under $300.
ETHUSD Chart Provided By TradingViewNo timeline was given for the expected recovery though, so it could be any time. However, it might take a little longer than expected as several other top cryptocurrencies are affected by the pullback including Bitcoin, which had been on serious price gains. So far, Ethereum has been following the price movements of Bitcoin so it may not be recovering until when Bitcoin starts its own recovery.
The market has been down for a few days with Bitcoin struggling to go back above $12,000. Some analysts believe a price above $12,000 won’t last and Bitcoin could be crashing to $9,000 in coming weeks although this is not a certainty. If it does happen, however, Ethereum may take even longer to fulfill Herald’s prediction unless a new trend kicks in that defies Bitcoin’s power to dictate price direction.
The next coming days or even weeks may be crucial deciding moments for the market. Another analyst, Cryptomist believes Ethereum’s positive price action may take up to August to show a clear direction, be it up or down. For now, the price keeps moving sideways and a clear direction is yet to form, but the market is fairly unpredictable so things may change.
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