Ethereum (ETH) and the aggregated cryptocurrency market has incurred some notable upwards momentum today, snapping the multi-day downtrend that the market had previously been caught within.<\/p>\n
Today\u2019s ETH rally marks a bounce at a key support level that analysts were watching, leading some previously bearish analysts to flip neutral, while bull-biased analysts grow incredibly optimistic.<\/p>\n
One top analyst is now noting that he believes Ethereum could now be poised for a sharp upwards movement up towards $300, with a potential rally to this level marking a rise to fresh 2020 highs for the cryptocurrency.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up 3% at its current price<\/a> of $228, which marks a notable climb from daily lows of $215 that were set yesterday in tandem with Bitcoin\u2019s decline to lows of $8,400.<\/p>\n Bitcoin\u2019s bounce at this level has created an upwards tailwind that has allowed Ethereum and other major altcoins to incur some notable momentum.<\/p>\n Today\u2019s rally also marks the first notable bounce seen in multiple days, with the markets previously being caught within a firm downtrend before entering a bout of sideways trading yesterday.<\/p>\n Luke Martin, a prominent cryptocurrency analyst on Twitter, spoke about Ethereum\u2019s technical situation<\/a> in a recent tweet, explaining that its recent break below $224 had led him to think further downside was imminent, but its ability to recapture this level has led him to flip back to being \u201cneutral.\u201d<\/p>\n \u201cLast week the only thing I traded actively was shorting ETH. The breakdown of 224 made me think that the downside would continue this week. But now I’m seeing that view almost be invalidated Monday morning. Back to neutral on ETH,\u201d he noted.<\/p><\/blockquote>\n Last week the only thing I traded actively was shorting $ETH<\/a>. <\/p>\n The breakdown of 224 made me think that the downside would continue this week. <\/p>\n But now I'm seeing that view almost be invalidated Monday morning. <\/p>\n Back to neutral on $ETH<\/a>. pic.twitter.com\/EdegTgK7d5<\/a><\/p>\n — Luke Martin (@VentureCoinist) March 2, 2020<\/a><\/p><\/blockquote>\n\n