Leading Binance Trader Expects Ethereum to Rocket Higher After 30% Drop

Ethereum has dropped around 30% from its recent year-to-date highs after the U.S. dollar underwent a bounce. The leading cryptocurrency currently trades for $370, $120 shy of the $490 highs, but fell as low as $315. Ethereum remains in a positive state on a macro time frame, analysts say. One trader, a leading trader on […]
Nick Chong
Posted by Nick Chong October 12, 2020 2 Mins Read
Ethereum has dropped around 30% from its recent year-to-date highs after the U.S. dollar underwent a bounce. The leading cryptocurrency currently trades for $370, $120 shy of the $490 highs, but fell as low as $315. Ethereum remains in a positive state on a macro time frame, analysts say. One trader, a leading trader on […]
  • Ethereum has dropped around 30% from its recent year-to-date highs after the U.S. dollar underwent a bounce.
  • The leading cryptocurrency currently trades for $370, $120 shy of the $490 highs, but fell as low as $315.
  • Ethereum remains in a positive state on a macro time frame, analysts say.
  • One trader, a leading trader on Binance’s futures platform, expects the cryptocurrency to soon enter a parabolic uptrend.
  • His assertion has been echoed by another top trader, one who predicted that Bitcoin would under a V-shaped reversal in March.

Ethereum Set to Surge Higher: Top Binance Trader

Ethereum is set to explode higher in the coming months, Logan Han, a leading trader on Binance recently asserted.

He recently shared the chart seen below, which shows that ETH’s price action looks extremely similar to how it looked towards the end of 2017, prior to the exponential explosion that took place at the start of 2018. This analysis suggests that Ethereum is primed to undergo an exponential rally in the weeks ahead.

Han’s chart suggests that the coin will set a new all-time high towards the end of the year.

Han previously suggested that Ethereum is forming a falling wedge over a medium-term time frame that is set to bring the coin towards $500 in the coming weeks.

This latest prediction is just an extension of this previous prediction.

Image

Chart of ETH's price action since the end of 2017 with analysis by crypto trader Logan Han (@loganhan_ on Twitter).
Chart from TradingView.com

Short-Term Outlook Strong

On a shorter-term basis, analysts see reasons to be optimistic about Ethereum. One trader recently said that if the coin flips $380 into support, it will be cleared to move even higher in the weeks ahead back towards $400:

“ETH / USD: Think the market is looking to make a full recovery if price get flip $380 into support but that said current price action is looking very bullish and its great to have flipped $360. The chance of retesting $280 gets less and less each day we hold above these levels.”

Ethereum

Image Courtesy of Cactus. Chart via TradingView.

What may stop Ethereum’s ascent in the near term, though, is Bitcoin dropping on news of a delay to the U.S. stimulus bill. The bill resulted in some of the ongoing rally that has taken place in global markets, Bitcoin included.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc, 
Charts from TradingView.com
Leading Binance Trader Expects Ethereum to Rocket Higher After 30% Drop
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