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Leading altcoin Ethereum is currently trading at $ 382 and has only dropped 0.5% in the past 24 hours. Despite the decline from local highs, analysts think the asset will continue to rise. One analyst seems unlikely to enter a downtrend right now, given the support at $ 360-370.

$ 360-370 has stood out as an important horizontal level for crypto money in recent weeks.

Ethereum has fallen from its local highs around $ 395 in the past few hours. The cryptocurrency is currently trading at $ 382. This is not far from the highs he has seen before.

Despite this rejection and $ 400 resistance, analysts remain optimistic. A cryptocurrency trader recently stated that the price action is healthy with the cryptocurrency above critical supports.

If the price converts to the $ 380 support, the market will seek a full recovery. The chances to retest $ 280 are getting less and less every day we stop above these levels. ETH price seems to continue on its uptrend though. In a negative move, the price will have to fall below $ 360.

One trader stated that as long as Ethereum prices are around $ 350, it will double to $ 720 in the coming months. $ 350 has long been a highlight for ETH in 2017 and 2018, serving as a jumping-off point for cryptocurrency.

Ethereum prices upward support shows an optimistic outlook for Bitcoin. Tyler Winklevoss, one of Geminis co-founders, said that Bitcoin is becoming more and more meaningful recently as the US government is pursuing another stimulus package:

Total dependence on aid will not end for a long time. When this will happen is hard to predict, but what is certain is that Bitcoin will be your only refuge.

Analysts expect more US dollars to be minted before alternative investment instruments such as gold and Bitcoin can rise.

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Will the Leading Altcoin Ethereum Continue to Rise? - Somag News