It is important to note that this rally may just be getting started, as one prominent cryptocurrency analyst explained in a recent tweet that he believes ETH could be poised for a movement towards $340 in the near-term.
This potential 100% Ethereum rally could be driven by the possibility that it is currently in the process of breaking out of a multi-month accumulation phase.
Ethereum Pushes Towards $170 as Crypto Markets Grow Increasingly Bullish
At the time of writing, Ethereum is trading up roughly 2% at its current price of $170, which marks a notable climb from daily lows of $166 that were set yesterday.
It is important to note that Ethereum is fast approaching its 2020 highs of $175, and it is highly probable that a break above the resistance that exists at this price level will lead ETH to see significantly further upside.
As for how high the cryptocurrency could rally in the coming few weeks and months, Satoshi Flipper – a popular cryptocurrency analyst on Twitter with a track record of solid calls – explained in a tweet that he believes it could go as high as $340.
“And while everyone is finally getting bullish on $ETH, me and my followers have been buying since $131. Price today? $170,” he noted while referencing a chart that shows his mid-term upside target of approximately $340.
And while everyone is finally getting bullish on $ETH, me and my followers have been buying since $131.
Price today? $170 pic.twitter.com/lS9PYCHmQi
— Satoshi Flipper (@SatoshiFlipper) January 27, 2020
What Could Catalyze an ETH Rally of This Magnitude?
Bitcoin Jack, another popular analyst, noted in a recent tweet that the past six months have looked like an accumulation phase for major altcoins – including Ethereum – which could mean that a major upwards cycle is on the cusp of kicking off.
“The alt market vs $BTC is looking more and more like it will finally pop and confirm a 6+ month accumulation. Could be a cyclic bottom. That means having the right alts is something you should plan for. Many majors look primed like $XMR $ZEC $ETH $LTC,” Bitcoin Jack explained.
The alt market vs $BTC is looking more and more like it will finally pop and confirm a 6+ month accumulation
Could be a cyclic bottom
That means having the right alts is something you should plan for
Many majors look primed like $XMR $ZEC $ETH $LTC
pic.twitter.com/BM8Boacxj0
— //Bitcoin 𝕵ack (@BTC_JackSparrow) January 27, 2020
If this is true, then the recent uptrend incurred by Ethereum and other cryptos could still be in its early stages, and significantly further upside could be imminent.
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