Ethereum's price was due to hit $260 as predicted in the 19th February's<a href="https://www.cryptoknowmics.com/crypto/ethereums-drop-to-260-imminent-unless-bulls-fail-to-push-through-290/"> article</a> and hit $260 it did. As it fluctuates near this area it is time to take a look at where the price might head next. This next stop will confirm if the local top formed in mid-February is just a pit stop before it surges higher or a ceiling that is pushing price lower.

With over $28 billion in market cap, ETH's price in terms of BTC is stabilizing after rising considerably since 2020. This indicates an increase in Ethereum's value while BTC's drops. In a way, this is good for all altcoins since ETH represents all the altcoins and is the king of altcoins.

<img class="wp-image-160089 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2020/02/ERn6zncW4AIDNwY.jpeg" alt="" width="680" /> Source: <a href="https://twitter.com/skewdotcom/status/1232291740977127424?s=20" target="_blank" rel="noopener">Skew</a>.
<ul>
 	<li>With a rise in ETH in terms of BTC, a surge can be expected in the next 48 hours.</li>
 	<li>The surge will take ETH to its next important level at $273 and continue its sideways movement.</li>
 	<li>A potential drop could also take place and is solely dependent on the bears aka the sellers.</li>
</ul>
<h2>60 Minute Ethereum Chart</h2>
<img class="wp-image-160094 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2020/02/download4.png" alt="" width="1804" /> Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener">Trading View</a>.

The chart for Ethereum, unlike many altcoins, is going sideways. Almost all altcoins are dropping quickly after losing the bullish momentum. Ethereum's rising<a href="https://coinmarketcap.com/charts/"> dominance</a> might level the playing field for altcoins in the upcoming altseason.

At press time, ETH's price was at $260 and straying not too far away from the support line. In all likelihood, the price needs to surge from this point to the next resistance at $273 - $280. Supporting this is the wave trend indicator which shows the exhaustion of the bears, hence the reversal of the wave. The wave trend line has already started its journey to the top.

Including the Aroon indicator gives more clarity to the upcoming scenario. The Aroon indicator shows more room for a downtrend, however, there is also clear exhaustion of the uptrend. Hence the upcoming will go slow, sideways.

Supporting this is the volatility of Ethereum that has reached 5.26% and typically, there is a resistance that prevents volatility from going higher. So, the rise to $274 is going to slow and steady.

An unlikely scenario with a low probability of occurring is the drop below $254. Especially since the Aroon indicator shows more downtrend on the horizon. Although unlikely, it shouldn't be neglected.

Ethereum's hits $260, next stop - a surge to $273 or drop to $241

Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. 
Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.

Ethereum's hits $260, next stop - a surge to $273 or drop to $241

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