Technical Analysis

Analyst Predicts Ethereum Prices to Touch $400, if the Market Correction Does Not Come in Force Soon

The cryptocurrency market is quite bullish at the movement, and Bitcoin along with major altcoins have been showing upward trend throughout 2019. While the limelight of the current bullish run is hogged by the pioneer Bitcoin, which has more than doubled its prices from the start of the year. However, despite the mammoth surge, Bitcoin is not even in the top 5 when it comes to the biggest gainer in 2019.

While the biggest gainer has been Binance coin (BNB) followed by Litecoin, Ethereum has seen quite an unprecedented rise as well. If the market correction does not come into the picture soon, Ethereum is also set to double its price in 2019.

Ethereum peaked its highest price for 2019 recently, touching the $285 mark after seeing a more than 7 percent in the 24-hour chart today giving it its 9-month high. The next key upper resistance is at $300, ETH was trading above $300 last in September 2018. The trading volume is up as well and the current trading volumes are higher than it was during the peak of January last year.

‘Credible Crypto’, a long time trader and cryptoanalyst believe that Ethereum can touch the $400 mark if the next market correction does not arrive anytime soon. He noted further,

“Bulls beware, it might almost be time to be a bear. I will not short this, but I will take partial profits on a portion of spot ETH longs that I picked up sub $200. If this doesn’t play out, we are headed straight to $350 and then $400.”

The analysts suggest that the next leg of the Elliot wave could slide the prices of Ethereum just below $300, and the prices could slide further below near $200 if the market corrections come. Many analysts have already predicted a slide of 30% for Bitcoin in the next correction wave and looking at Ethereum’s price movement it might follow th same path.