Despite Ethereum’s getting back to the $120 region, analysts are optimistic about ETH performance over the course of the next few months.
Etherum price is down to around $129 at the time of writing after hitting a high of $137 a few days ago. The cryptocurrency is unable to hold grounds against a strong downtrend in cryptocurrency market.
However, it’s worth noting that Ethereum is still trading well above its weekly lows of $125. Analysts are looking up to two levels of $125 and $120 as strong support points against Ethereum bears. The $120 region has seen strong support for Ethereum during the downtrend of the past several month.
Scott Melker, the cryptocurrency analyst, expressed on twitter that he expects Ethereum to outperform Bitcoin over the next weeks.
Other analysts say despite its recent bearishness, Ethereum shows a strikingly similar pattern to Bitcoin when it was trading in the lower $3,000 area during the early months of 2019.
“As much as I hate $ETH, it is giving $BTC 3k kinda vibes,” says Gat the prominent crypto analyst on twitter.
Further to this point, HornHairs expects the same pattern; he anticipates the current sell-off to be brief.
Should their forecast be true, we could see Etherum for an uptrend in the early part of 2020.