Ether (ETH) price could continue its gains to hit $440 before resistance kicks in, one analyst has told mainstream media. 

Speaking to Bloomberg on Feb. 14, Edward Moya, senior market analyst at online forex broker Oanda Corp, warned that the largest altcoin’s huge gains in 2020 were now looking unstable. 

GSI flashes bearish for ETH

ETH/USD has more than doubled since Jan. 1, rising from $130 to press time levels of more than $270 — a seven-month high, data from Coin360 and Cointelegraph Markets shows. 

This month, it emerged that accredited investors in Grayscale’s Ethereum Trust were paying up to 300% premiums for tokens.

“It is eye-opening the little run it has put together,” Moya said. 

He added that he expects “strong resistance” to kick in at around $440 should bullish momentum continue. 

Continuing, Bloomberg highlighted Ether’s General Strength Indicator (GSI), a metric demonstrating whether an asset is overbought or underbought. 

Currently, GSI is flashing bearish — a score of 92 this week is far in excess of the minimum 70 which designates “overbought” status.

Ethereum

Ether GSI index and 1-year price chart. Source: Bloomberg

Altcoin investors reap gain

Ether is just one of the major altcoins which have seen major appreciation in recent weeks. As Cointelegraph reported, Tezos (XTZ) forms the standout for investors this month, while Neo (NEO), Cardano (ADA) and XRP have also performed strongly.

This “alt season” has caught many commentators by surprise — as 2020 began, it was Bitcoin (BTC) which showed the most potential. 

The largest cryptocurrency has gained over 40% year to date, topping out at $10,500 before encountering a resistance level of its own this week.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD risks a drop to $10,500 amid bearish technical set up

Bitcoin (BTC/USD) reversed Friday’s temporary reversal and resumed the previous bounce on Saturday, only to find stiff resistance once around the $10,800 region. A potential rising wedge formation spotted on the hourly chart. Acceptance below 10,693 could revive the bearish bias.

More Bitcoin News

Cardano Price Prediction: ADA bulls to regain control amid golden cross on hourly chart

ADA/USD consolidates the pullback from three-month lows on Saturday. Golden cross formation spotted on the hourly chart; RSI still bullish. Bulls are likely to regain control, eyeing a break above $0.10 mark.

More Cardano News

NEO Technical Analysis: A test of 200-HMA likely on NEO’s road to recovery

NEO/USD witnessed good two-way businesses on Friday, having finally settled in the red after fading a spike above the $23 mark. The buyers have regained control this Saturday, allowing a tepid bounce in the spot.

More NEO News

Ripple Price Forecast: XRP flashes sell signal in the hourly chart – Confluence Detector

XRP/USD has had three straight bullish sessions. XRP daily confluence detector shows moderate-to-strong resistance at $0.245. On the downside, there are two healthy support levels at $0.2425 and $0.24.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Keep calm and HODL on until the USA elects the president

Bitcoin (BTC) partially regained the losses incurred at the beginning of the week; however, the upside momentum is still too weak to take the price out of the bearish territory and ensure a sustainable recovery. 

Read the weekly forecast

BTC

ETH

XRP