{"id":130010,"date":"2020-04-06T23:30:24","date_gmt":"2020-04-06T22:30:24","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=130010"},"modified":"2026-04-29T12:15:11","modified_gmt":"2026-04-29T11:15:11","slug":"analyst-this-simple-ethereum-structure-point-towards-a-quick-recovery-to-200","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/analyst-this-simple-ethereum-structure-point-towards-a-quick-recovery-to-200\/","title":{"rendered":"Analyst: this simple Ethereum structure point towards a quick recovery to $200"},"content":{"rendered":"<p>The Ethereum price <a href=\"https:\/\/cryptoslate.com\/global-demand-for-crypto-continues-to-skyrocket-whats-behind-this-trend\/\">increased by 16 percent on the day<\/a> against the U.S. dollar. Prior to the rally, analysts anticipated ETH to see a rapid recovery to $200 in the near-term.<\/p>\n<p><a href=\"https:\/\/twitter.com\/CarpeNoctom\">Josh Olszewicz<\/a>, cryptocurrency technical analyst, was one of the few who observed an ascending triangle forming at larger time frames of the Ethereum chart.<\/p>\n<p>With $200 being a heavy level of resistance and a liquidity pool for traders, the <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum price<\/a> could retest the $200 area in the short-term.<\/p>\n<figure id=\"attachment_130012\" aria-describedby=\"caption-attachment-130012\" style=\"width: 2149px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-130012\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/0100.png\" alt=\"ethereum price\" width=\"2149\" height=\"1405\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/0100.png 2149w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/0100-300x196.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/0100-1024x669.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/0100-768x502.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/0100-1536x1004.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/0100-2048x1339.png 2048w\" sizes=\"(max-width: 2149px) 100vw, 2149px\" \/><figcaption id=\"caption-attachment-130012\" class=\"wp-caption-text\">Ethereum price sees a 16% rally (Source: TradingView)<\/figcaption><\/figure>\n<h2>Ethereum depends on Bitcoin, and both look optimistic<\/h2>\n<p>The swift recovery of the Bitcoin price from $6,700 to above $7,000 triggered Ethereum and several other alternative cryptocurrencies to see a strong upsurge.<\/p>\n<p>Ethereum was largely oversold since the capitulation-esque drop to $80s, <a href=\"https:\/\/cryptoslate.com\/analyst-ethereum-is-now-bitcoins-backbone-and-big-money-is-taking-notice\/\">underperforming against BTC throughout March.<\/a><\/p>\n<figure id=\"attachment_129804\" aria-describedby=\"caption-attachment-129804\" style=\"width: 480px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/cryptoslate.com\/analyst-ethereum-is-now-bitcoins-backbone-and-big-money-is-taking-notice\/\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-129804\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/ethereump-sand-1024x538.jpg\" alt=\"Analyst: Ethereum is now \u201cBitcoin\u2019s backbone\u201d and big money is taking notice\" width=\"480\" height=\"252\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/ethereump-sand-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/ethereump-sand-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/ethereump-sand-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/ethereump-sand.jpg 1200w\" sizes=\"(max-width: 480px) 100vw, 480px\" \/><\/a><figcaption id=\"caption-attachment-129804\" class=\"wp-caption-text\">Related: <a href=\"https:\/\/cryptoslate.com\/analyst-ethereum-is-now-bitcoins-backbone-and-big-money-is-taking-notice\/\">Analyst: Ethereum is now \u201cBitcoin\u2019s backbone\u201d and big money is taking notice<\/a><\/figcaption><\/figure>\n<p>The oversold nature of ETH led every rally it saw in the past week to be larger than Bitcoin and other large market cap cryptocurrencies.<\/p>\n<p>In the near-term, two key resistance levels exist for Bitcoin at $7,700 and $8,500. One trader said that a rebound to $7,700 is seemingly the next logical move. But, the trader noted that the price action is moving faster than anticipated, which may leave it vulnerable to abrupt pullbacks.<\/p>\n<p>The trader <a href=\"https:\/\/twitter.com\/TheCryptoCactus\/status\/1247223349127847943\">said<\/a>:<\/p>\n<blockquote><p>&#8220;Now cleared all previous highs since breaking down, showing good signs of strength, next resistance level for PA will around $7700 region which is where we broke down. Daily close above $7000 would be significant, still thinking that this PA is too good to be true.&#8221;<\/p><\/blockquote>\n<p>The cryptocurrency market is yet to see a noticeable increase in volume to follow up the recent uptrend of Bitcoin and Ethereum.<\/p>\n<p>One possible counterargument against the stagnant volume is that since the Bitcoin price dropped to $3,600 on March 12, most of the volume shifted from the futures market to spot.<\/p>\n<p>The rally of Bitcoin since $3,000s was largely spot driven, as data from Coinbase has shown. Many retail investors bought as the BTC price dropped to levels unseen since 2018.<\/p>\n<p>Coinbase <a href=\"https:\/\/blog.coinbase.com\/on-crypto-markets-and-bitcoins-value-proposition-2fbbca5349dd\">said<\/a>:<\/p>\n<blockquote><p>&#8220;Customers of our retail brokerage were buyers during the drop, and Bitcoin was the clear favorite. Our customers typically buy 60% more than they sell but during the crash this jumped to 67%, taking advantage of market troughs and representing strong demand for crypto assets even during extreme volatility.&#8221;<\/p><\/blockquote>\n<p>When primary volume shifts from futures trading to spot, it lessens volatility in the market as less people are trading with large amounts of debt.<\/p>\n<p>It reduces the impact of cascading liquidations, causing massive movements that leave the crypto market at risk of an overnight plunge.<\/p>\n<h2>What's next?<\/h2>\n<p>For Ethereum, traders foresee the Ethereum price testing $200, with a higher resistance level at $230. With the <a href=\"https:\/\/www.nytimes.com\/2020\/04\/06\/business\/coronavirus-stock-market-live.html\">U.S. stock market exhibiting significant strength<\/a> as the Federal Reserve readies to purchase equities as the last line of defense to prevent a further plunge in stocks, the cryptocurrency market is also in a strong position to see a short-term rebound.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum price increased by 16 percent on the day against the U.S. dollar. Prior to the rally, analysts anticipated ETH to see a rapid recovery to $200 in the near-term. Josh Olszewicz, cryptocurrency technical analyst, was one of the few who observed an ascending triangle forming at larger time frames of the Ethereum chart. [&hellip;]<\/p>\n","protected":false},"author":187,"featured_media":130024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Analyst: this simple Ethereum structure point towards a quick recovery to $200<\/title>\n<meta name=\"description\" content=\"The Ethereum price increased by 16 percent on the day against the U.S. dollar. 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Analysts anticipate ETH to see a rapid recovery to $200 in the near-term.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/analyst-this-simple-ethereum-structure-point-towards-a-quick-recovery-to-200\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-06T22:30:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-29T11:15:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/ethereum-liftoff.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joseph Young\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Joseph Young\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/analyst-this-simple-ethereum-structure-point-towards-a-quick-recovery-to-200\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/analyst-this-simple-ethereum-structure-point-towards-a-quick-recovery-to-200\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/#person\",\"name\":\"Joseph Young\",\"url\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/author-joseph-young.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/author-joseph-young.jpg\",\"caption\":\"Joseph Young\"},\"jobTitle\":\"Analyst\",\"description\":\"Joseph Young is a finance and tech journalist. 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