Ethereum Analyst Predicts Record High against Eerie Bearish Setups

Ethereum Analyst Predicts Record High against Eerie Bearish Setups

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.

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Ethereum trade setup, as presented by KongBTC. Source: ETHUSD on 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

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