Ethereum (ETH) has finally turned bullish now as the second-ranked cryptocurrency has managed to come out of its consolidation phase where it has been residing for two months. ETH witnessed a price surge of over 13% on July 23, 2020, and jumped high to reach $276 before making a correction. Currently, the price value of the second-ranked digital coin is trading at $274.55 USD with a change rate of over 12% in 24 hours, at the press time.
Price Analysis – $300 is the next target
For the past few months, Ethereum has been trying to pass through the past $250 resistance barrier which was stopping the coin from making a bullish move. But it is no longer a barrier for ETH as the coin has broken through it with an impressive price rally that led the coin to make new monthly highs.
Now, the consolidation period is over for Ethereum as it enters into the green territory. Ethereum is now looking forward to breaking above the $300 figure which is the next target for the coin. As compared to the leading digital coin Bitcoin, Ethereum aims at posting new yearly highs this year by achieving the $300 milestone. However, it is possible only if the coin can break through the two critical upcoming resistances of $287 and $294.
While on the other hand, in the case, the coin falls back then there is the first support standing at $265. Below this, the other two key support levels are $250 and $245 respectively. Ethereum has already made one attempt to test $300 at the beginning of this year and this will be the second attempt made by the coin.
Before ETH crossed $250, 700K ETH were moved by whales
According to the report from Santiment, the top hundred whales transferred approximately 700,000 ETH for three consecutive days before the second-ranked coin crossed above the $250 figure. According to Santiment:
“Nearly 700K $ETH were moved by top 100 whales in the past 3 days. Over this time, the combined balance of the top 100 non-exchange ETH addresses shrank by almost 700K ETH, or about ~$182.7M. This was likely pre-pump positioning & a forewarning of the pump”
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