Trader: Ethereum Can Hit $440 But Indicator Warns Altcoin 'Overbought'

Published on by Cointele | Published on

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Ether price could continue its gains to hit $440 before resistance kicks in, one analyst has told mainstream media.

Speaking to Bloomberg on Feb. 14, Edward Moya, senior market analyst at online forex broker Oanda Corp, warned that the largest altcoin's huge gains in 2020 were now looking unstable.

GSI flashes bearish for ETH. ETH/USD has more than doubled since Jan. 1, rising from $130 to press time levels of more than $270 - a seven-month high, data from Coin360 and Cointelegraph Markets shows.

This month, it emerged that accredited investors in Grayscale's Ethereum Trust were paying up to 300% premiums for tokens.

"It is eye-opening the little run it has put together," Moya said.

He added that he expects "Strong resistance" to kick in at around $440 should bullish momentum continue.

Continuing, Bloomberg highlighted Ether's General Strength Indicator, a metric demonstrating whether an asset is overbought or underbought.

Ether is just one of the major altcoins which have seen major appreciation in recent weeks.

This "Alt season" has caught many commentators by surprise - as 2020 began, it was Bitcoin which showed the most potential.

The largest cryptocurrency has gained over 40% year to date, topping out at $10,500 before encountering a resistance level of its own this week.