Most of the cryptocurrencies have been moving higher. On the other hand, when you look at the performance of Ethereum as compared to Altcoins, you will realize that the gains in Ethereum have remained muted.
On the other hand, when you’re looking at Bitcoin (BTC), you will realize that it has also moved from 5800 levels to 6500 levels. This clearly indicates that most of the cryptocurrencies are moving higher.
In the last 2 weeks, however, the cryptocurrencies have been consistently moving lower end and went to the oversold category. From those levels, they have bounced back. Also, many of the experts believe that BTC can head to as high as $ 6900 as well. That is why many of the predictions in the cryptocurrency world are actually positive.
Potential in Ethereum (ETH):
When you look at the Ethereum chart, you will realize that it is below the 20-day SMA as well as 50-day SMA and 200-day SMA. This clearly indicates that it is not in the bullish territory yet. The next level to watch for ETH will be $ 365. Even though it is a little distance away but once it crosses that, it can head over to $ 430 quite easily. That is why it still has a pretty long way to go before the trend actually changes. With that being said, once it crosses $ 305 convincingly, it can move towards those levels quite easily. That is why, instead of writing off ETH, now is the time to observe the charts.
On the other hand, when you’re looking at the support, it is around $ 275-$ 280. This ensures that the downside is limited as well. With most of the other cryptocurrencies moving higher, it is unlikely that it will break the supports. Moreover, it has already fallen significantly from the top. That is why the chances of it breaking the support are on the lower side.
On the other hand, if it is able to hold on to the supports, you can think about investing for a longer period of time as well. This will ensure that it becomes easier for you to invest for a longer period of time and reap rich dividends.
With most of the other cryptocurrencies recovering, the time seems to be favorable for looking at the cryptocurrency basket as a whole. You have to, however, decide whether you want to cumulatively invest in cryptocurrencies or whether you want to pick a select few.