Ethereum (ETH), the second-largest cryptocurrency by market capitalization and other digital currencies such as Bitcoin (BTC), XRP, Bitcoin Cash (BCH) and others are starting to indicate the readiness for another price appreciation, which would eventually favor the total capitalization of the cryptocurrency market.
These indications that keep surfacing had the popular cryptocurrency analyst, Crypto Michael to analyze the price action of Ethereum (ETH).
The outcome of his analysis pointed out that the price of the digital currency ETH is indicating $195 as the next target.
Crypto Michael Says Ethereum (ETH) Indicates $195 as the Next Target
The cryptocurrency analyst, Crypto Michael is a famous chartist that deals with both short and long term analyses on Twitter and TradingView. He recently took to the Micro-Blogging platform Twitter to share his opinion about the market trend and the next possible price action.
In the tweet, Michael averred that the total market capitalization is seemingly improving with a healthy retest at the $220 billion level. He said the market has been able to hold after breaking a 7-month old downtrend.
He then furthered that Ethereum (ETH) price is treading on a similar path to the upside. Conclusively, he said if ETH could maintain this present trend, $195 could be the next price target.
He said, “Total market capitalization is showing a healthy retest at the $220 billion level. Holding up, after it broke a 7-month old downtrend. ETH is showing a similar retest. Holding that and I think we can aim for $195 as next target.”
Total market capitalization is showing a healthy retest at the $220 billion level.
Holding up, after it broke a 7-month old downtrend. $ETH is showing a similar retest.
Holding that and I think we can aim for $195 as next target. pic.twitter.com/NVevxNR5fe
— Crypto Michaël (@CryptoMichNL) January 26, 2020
At the time of filing this report, ETH is trading at $163.54, with a relatively 2% price uptrend based on 24 hours estimation.