Leading Binance Trader Expects Ethereum to Rocket Higher After 30% Drop

Leading Binance Trader Expects Ethereum to Rocket Higher After 30% Drop

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  • Ethereum has dropped around 30% from its recent year-to-date highs after the U.S. dollar underwent a bounce.
  • The leading cryptocurrency currently trades for $370, $120 shy of the $490 highs, but fell as low as $315.
  • Ethereum remains in a positive state on a macro time frame, analysts say.
  • One trader, a leading trader on Binance’s futures platform, expects the cryptocurrency to soon enter a parabolic uptrend.
  • His assertion has been echoed by another top trader, one who predicted that Bitcoin would under a V-shaped reversal in March.

Ethereum Set to Surge Higher: Top Binance Trader

Ethereum is set to explode higher in the coming months, Logan Han, a leading trader on Binance recently asserted.
Han’s chart suggests that the coin will set a new all-time high towards the end of the year.
Chart of ETH’s price action since the end of 2017 with analysis by crypto trader Logan Han (@loganhan_ on Twitter).
Chart from TradingView.com

Short-Term Outlook Strong

Featured Image from Shutterstock
Price tags: ethusd, ethbtc, Charts from TradingView.com
Leading Binance Trader Expects Ethereum to Rocket Higher After 30% Drop

This latest prediction is just an extension of this previous prediction. He recently shared the chart seen below, which shows that ETH’s price action looks extremely similar to how it looked towards the end of 2017, prior to the exponential explosion that took place at the start of 2018. This analysis suggests that Ethereum is primed to undergo an exponential rally in the weeks ahead.

Han previously suggested that Ethereum is forming a falling wedge over a medium-term time frame that is set to bring the coin towards 0 in the coming weeks.

Image Courtesy of Cactus. Chart via TradingView.

Ethereum
“ETH / USD: Think the market is looking to make a full recovery if price get flip 0 into support but that said current price action is looking very bullish and its great to have flipped 0. The chance of retesting 0 gets less and less each day we hold above these levels.”

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