Ethereum’s native token ETH fell by more than 20 percent from its session high of $1,350 on profit-taking sentiment. While technical indicators point to further correction lower, one analyst believes the second-largest cryptocurrency could hit its record high levels in the sessions ahead.
The pseudonymous entity rested his bullish setup on one condition: that the ETH/USD exchange rate closes above the $1,116-$1,140 range first. Then only, the pair would be able to confirm an extended rebound towards $1,420, its all-time achieved in January 2018.
Ethereum trade setup, as presented by KongBTC. Source: ETHUSD on TradingView.com Rising Wedge
ETH/USD formed a local support level near $1,000 ahead of the US trading session on Monday. The pair experienced a pullback albeit meager trade volumes that suggested traders may want to continue selling the Ethereum token further. Meanwhile, it appeared that ETH/USD’s possibility of logging a full-fledged retracement lies near $919.
That is because of a technical indicator known as the