For the past week, Ethereum has been caught in the throes of an extreme and persistent selloff, with its capitulatory drop seen last Thursday taking it from its place in the region of $200 to lows of about $90.
The cryptocurrency has been able to rebound and recover some of these losses in the period after this extreme fall, with ETH today incurring some notable momentum that has enabled it to invalidate a bearish trend it was caught within.
One top investor now reports that he thinks Ethereum is poised to bounce back up to its previously identified 2020 highs over a mid-term time frame.
Ethereum Sees Massive Upswing as Analysts Eye Key Resistance Regions
At the time of writing, Ethereum traded more than 20 percent at its current price of $137.30, marking a huge jump from the daily lows of $110 set yesterday as the crypto stabilized alongside Bitcoin and most other altcoins.
Since ETH is closely watching the price action of Bitcoin at the moment, whether or not it will climb higher would possibly depend on whether or not BTC is able to conquer the resistance it currently faces at $6,200.
Satoshi Flipper, a prominent cryptocurrency analyst, and trader clarified in a recent tweet that the main near-term resistance of Ethereum is around $140, with a decisive step above this point opening the gates for a $160 rally.
ETH/USDT: Currently at $140 resistance. Flip this level and $160 is next,” he noted while pointing to a chart showing the key levels he is watching at the present moment.
ETH Could Be On Course to Revisit 2020 Highs
Satoshi Flipper does not think the ongoing uptrend of Ethereum would stop at $160 if it can break through its main near-term resistance.
In a later tweet, he went on to clarify that his mid-term upside goal for the cryptocurrency sits at around $260, which is just a hair below its year-to-date $290 highs reached in mid-February.
The days ahead will give investors insight into the long-term nature of this phenomenon, as a sustained uptrend could invalidate its recent bearishness and rekindle the idea that the crypto market is totally decoupled from the mainstream markets.