Crypto Traders “Incredibly Bullish” On Ethereum, Expecting The “Real Fun” To Start At $160
The short-term rally that started last weekend has been driven by Ethereum as it surged 10 percent on February 17th. In the past week, Ethereum has surged over 21 percent, going from $123 to just over $149.
Ethereum Price 7-days chart, Source: Coinmarketcap
At the time of writing, Ether has been trading at $148.76 with 24-hours gains of 0.58 percent, according to the data provided by Coinmarketcap. It is also in the green by 0.35 percent in the BTC market while managing the daily trading volume fo $3.6 billion.
According to the crypto trader Credible Crypto, Ethereum price chart is currently more interesting and bullish than the Bitcoin one.
“While BTC has not yet hit my first level of interest, ETH has ($139) and as many have pointed out is now consolidating in what may be a triangle. If this is the case, we should see an upside breakout on ETH and BTC may not hit my ideal retracement targets at this time.”
Just recently, Ethereum hit $149 but is currently around $147 so from here $150 target or a bigger hike will see the third-largest cryptocurrency touch $170. Though Ether hit $150 in early January and before that, in late December, November 19th, 2018 has been the last time, Ethereum has been around $170.
“Supposed triangle on its last leg, here is what to look for if you want to play this. I am leaning bullish at this time. If we break $147 I think the chances are high we test the mid 150’s. That could be it for now OR we may push to the $170 target before a retracement.”
According to another crypto trader Johnny Moe who is bullish on Ethereum price expects the real fun to start after $150 but before breaking $170:
“The break of the 2018 descending trend with this Adam & Eve’ish double bottom means the real fun starts over $160.”
Traders Are Bullish, ETH Longs
With Ethereum Constantinople hard fork coming on February 28th, traders are excited and looking for another spike in the near future. The Ethereum longs are nearing its all-time high in October. While Ethereum shorts a have been on a dip since early December, however, from early February and with the recent 10 percent surge in Ethereum price, short position has taken a serious dip.
ETHUSD Longs, Source: TradingView
According to one trader, “ETHUSESHORT has been confirmed. It’s time to pull back. whoever bought it from $80 ish, take profit now.” For now, the upcoming Constantinople hard fork is contributing to the traders’ bullish sentiments but prices can be expected to plummet after that.