Ethereum's hits $260, next stop - a surge to $273 or drop to $241
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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.
Source: Skew.
60 Minute Ethereum Chart
Source: Trading View.
The chart for Ethereum, unlike many altcoins, is going sideways. Almost all altcoins are dropping quickly after losing the bullish momentum. Ethereum's rising dominance 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.
