As Bitcoin has stalled, so too has the second-largest cryptocurrency, Ethereum (ETH). The popular altcoin has collapsed by some 50% from the year-to-date peak seen earlier this year just like Bitcoin, being crushed under the weight of a copious amount of PlusToken reserve liquidations and other sources of selling pressure hurting bulls.
Despite the strong downtrend ETH has formed, a prominent trader suggests that Ethereum may end the year on a high note, citing technical trends that imply a Santa Claus rally is entirely plausible.
Ethereum Ready to Burst Higher?
According to Michael van de Poppe, a CoinTelegraph contributor and a prominent cryptocurrency trader, Ethereum may be preparing to make a run to $175 according to “very basic technical analysis.” He drew attention to a double bottom structure that is forming, which can be corroborated by a breakout of a falling wedge and the fact that a key support held. Read More...