With the crypto market going through a great bullish period most coins are in green. This includes ethereum as well. Ethereum has shown impressive growth with over a fifty-nine percent (59%) increase in price value.
After hitting the one hundred and eighty-five dollars ($185) resistance level ethereum is trading at a price of a hundred and seventy dollars ($170).
Ethereum is currently holding a second position on the market capitalization chart after Bitcoin. Ethereum’s current market capitalization is over eighteen billion dollars ($18.06 billion).
Right now the following question is being asked, does ethereum has it in itself to hit the one hundred and ninety-four dollars ($194.60) price mark by the time this week is over?
The one hundred and ninety-four dollars ($194.60) price mark is a very stable and strong resistance level when compared to the ones available.
The most recent decline in price value from that mark was noticed by Binance when they announced that because of a hack they had endured a great deal of damage.
All large amount of bitcoin was stolen from the Binance’s hot wallet. This incident coincides with the one that occurred in July last year
Since the beginning of this year, we have seen Ethereum on its edge because of Bitcoin. Bitcoin is very strong competition for Ethereum and to narrow the gaps Ethereum has to work hard.
The Ethereum market and Bitcoin market started this year in a good place. But over the course of 2019, we have witnessed Bitcoin’s prices going up and Ethereum’s market crashing down.
After analyzing the ETH/USD charts the current resistance level for ethereum is one hundred and eighty-five dollars ($185).
This same resistance level was seen back in April of 2018 and to breach it a large market momentum is needed.
Ethereum ETH chart created with Trading View
The ethereum market will need to breach the one hundred and eighty-five dollars ($185) resistance level to increase market momentum.
If it falls below a hundred and fifty dollars ($150), the market momentum will decrease significantly.
In order to hit the one hundred and ninety-four dollars ($194.60) price mark by the time end of this week, ethereum has to show a total of ten percent (10%) increase.
