Ethereum Ralllies as Bulls Defended This Key Level
Ethereum (ETH), on Tuesday, and the aggregated cryptocurrency market has incurred some significant upwards momentum. As a result, it snapped the multi-day downtrend the market had caught previously.
In today’s ETH rally, it marks a bounce at a key support level that analysts were observing. And this dragged some previously bearish analysts to flip neutral. On the other hand, bull-biased analysts grew incredibly optimistic.
Now, one top analyst is suggesting he thinks Ethereum might be ready for a sharp upwards movement towards $300. And this is with a potential rally to this level, which is an increase to fresh 2020 highs for the crypto.
Currently, ETH is trading 3% up at its recent price of $228. This move marks a notable surge from daily lows of $215, set yesterday in tandem with Bitcoin’s fall to lows of $8,400.
The bounce of Bitcoin at this level has made an upwards tailwind, letting Ethereum and other major altcoins incur some striking momentum.
In addition to that, the rally today records the first notable bounce in several days. And the markets got caught previously within a firm downtrend before entering a bout of sideways trading on Monday.
Prominent crypto analyst Luke Martin tweeted about Ethereum’s recent technical situation. He said its latest break under $224 had made him believe further downside was imminent. However, its capacity to recapture this level has led him to go back to being neutral.
Martin stated, “Last week the only thing I traded actively was shorting eth. The breakdown of 224 made me think that the downside would continue this week. But now I’m seeing that view almost be invalidated Monday morning, Back to neutral on ETH.”
Ready for a Rally
Even though Martin is currently neutral on Ethereum, another famous cryptocurrency analyst, Galaxy, noted in a recent tweet he thinks the crypto might be in position for a movement to fresh 2020 highs.
In the chart referenced by Galaxy, it seems his bullishness stems from the crypto’s ability to recover at a key support level and stay over the descending resistance line it recently broke above.
He said, “Started to build an ETH long. Thinking of $280-$300 by the end of the month.”
If Bitcoin and the aggregated market can further extend this newfound momentum, there is a massive chance that Ethereum will recover some of its losses.
Latest Binance Partner
Meanwhile, major crypto exchange Binance revealed their fiat-on-ramp for Turkish Lira is live because of a partnership with major Turkish bank Akbank.
With this, Binance users from Turkey can finally deposit and withdraw directly through money order or EFT. And this depends on whether they have an Akbank account or not.
Binance CEO Changpeng Zhao stated, “As one of the biggest banks in Turkey, Akbank is serving the crypto community since 2017.”
He added that with Akbank, the users of Binance KYCed with Turkish bank accounts can now purchase crypto via instant bank transfers at cheap fees. Then, the fiat-on-ramp lets users deposit Turkish Lira with zero fees and withdraw a fee of 2.5 TRY.
