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While it is true that Bitcoin is clearly the biggest cryptocurrency in the world by way of market cap, over the years, Ethereum (ETH) has often been touted as the cryptocurrency that could eventually topple it. Although nothing of the sort has actually happened yet, there is now new hope among traders and market watchers that ETH could be heading for a bullish move soon.
Bitcoin has recently enjoyed some bullish movement, and as everyone knows, the price of ETH is also closely linked with that price. As a matter of fact, the path charted by ETH over the past few days has been quite similar to that of BTC.
Analysts are Bullish
However, more importantly, analysts have pointed out that Ethereum was able to make a bullish move this week on Tuesday without the help of Bitcoin, and that is a positive development for the token for sure. In addition to that, some analysts have gone so far as to say that ETH is now possibly gearing up for a significant bullish move over the coming days.
The rationale behind this notion is due to the fact that at this point in time, the token is trading in an area that is just beyond a level at which it has huge support. Hence, there is every chance that things might get very interesting for ETH.
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It is a well-known fact that if a cryptocurrency is to go on a sustained bull run, then it has to find a support level from which it can make the move. Analysts believe that the support level at this point is $180, as it has proven to be the support level for quite some time. The last time ETH had a significant rally, where it hit as much as $200, the support level was also $180.
The next few days could turn out to be a very interesting period for Ethereum, and traders should keep a close eye on the charts.
Featured image: DepositPhotos © akulamatiau
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