Ethereum shows Bullish Trend in 2020

By Suryansh Sharma

The analysis of recent events show probable bullish nature of the Ethereum in the upcoming days. If you’ve held onto your Ethereum for a few days now, the time might just not be right to sell it, for the generation of higher profit is expected. Ethereum is one of the currencies showing a very strong trend now and its growth is imminent being the second most favoured currency in the world. With market cap increasing worldwide and due to the persistent pandemic situations around the globe, the focus has moved to a much more globalised currencies to tackle the recession as a collective species.

(source : tradingview)

Let’s analyze the above graph for understanding the current situation in a much better manner.

The graph indicates that the probable new support line now is somewhere around $216. The support line generally is used to determine a price level through which an asset is unlikely to pass. This was set somewhere around 28 May, ‘20.

Moving forward, the active trends show that the new resistance line can be expected somewhere around the range $280. The resistance lines are drawn usually taking in the reference where the price or the trend is not expected to pass. In easy words it is the highest point from where it is expected to drop.

If you are someone who recently bought Ethereum somewhere around the price range between $200 to $216, you can expect to yield a good sum of profit. If we dig deeper according to the chart a rate of  $200 to $216 is a good expected entry point.

We can therefore expect that $250 can be a good start point to sell. If the rate crosses the $250 marker as expected good profits can be made. Which would make selling anywhere above $250 really good.

According to this graph, we have placed a support line at $216, if the market were to hit a rough spot and the prices start to crawl down and reach a price around $200, it can be said that selling your asset here could be a suitable step. This would only bring you a minute loss that could be eventually recovered.

It should at all times be remembered that this article is not financial advice in any sense or manner. It is just an individual opinion that has been derived after the tentative analysis of graphs.

Suryansh Sharma

Suryansh is crypto enthusiast and analyst. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

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