The price of Ethereum may soon reach $ 202 when maintaining strong momentum

ETH increased by 12% to approach 250 USD, is 300 USD a reasonable target?

The cryptocurrency market started its uptrend after Bitcoin broke above $ 7,000 yesterday. Ethereum (ETH) also proved to be no less, rising by 5.5% in the past 2 days.

Currently, Ethereum is being traded at $ 173, marking a significant 22% increase from the daily low of $ 143 set up over the weekend.

This growth continues the uptrend of Ethereum that was started earlier this week. When this top altcoin started to move out of the sideways trend and go higher with Bitcoin.

Ethereum buyers, however, are far more enthusiastic than Bitcoin. In a single week, Ethereum has always performed better than Bitcoin. In the past 7 days, this altcoin increased by 30%, while Bitcoin increased by 16%. Which means that Ethereum is almost double the growth of the market leading coin.

Ethereum continues its upward trend

Analysts say that Ethereum is fast approaching the 200-day moving average (MA200). This will be an important threshold, deciding whether the coin is completely in a certain uptrend.

Cryptocurrency trader BigCheds on a recent tweet said that ETH is about to retest the MA200 to confirm the current trend.

This technical threshold is currently located in the area between $ 170. It could be an important catalyst, driving ETH prices up, once broken above.

Ethereum is being overestimated

Glassnode - a chain analytics and research firm in a recent tweet claims that Ethereum has not been properly valued. According to the company, the MVRV ratio of Ethereum shows that the current value of this altcoin should be around 202 USD.

This shows that the current technical strength of Ethereum can lead to a strong move beyond $ 202.

Maybe you are interested:

Join our channel to stay up to date on the most useful news and knowledge at:

According to BeInCrypto
Recompiled ToiYeuBitcoin