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Ethereum Inches Closer to the $200 Level Following an 8% Gain Over the Weekend

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ETH inches closer to $200

The crypto market opened trading today with most of the coins recording gains. In the top 10 list of leading coins by market capitalization, Ethereum is the biggest gainer. However, not all coins have registered gains. Binance Coin (BNB) and EOS are bleeding with BNB being the biggest loser.

Ethereum, the second-largest crypto coin opened trading in September on a bearish trend. The coin has failed to reach the $200 level for almost a month now. Over the past few weeks, it has been trading around the $180 level with minimal movement.

However, ETH finally gained some momentum over the past weekend and breached it’s the !80 resistance level. According to data from Tradingview.com, the coin is trading at $193.65 at the time of writing. This figure represents a 2.13 percent gain over the past 24 hours.

Also, ether managed to surge by 8 percent over the weekend to become one of the highest gainers in the entire market. The coin started at $180 before breaking out on two separate bullish moves. These trends saw the coin’s price increase to $195, setting a new three-week high. The first bullish trend came on Saturday while the other one came earlier today.

ETH Set to Meet Resistance at the $200 Level

After the weekend gains that saw ETH overcome the $180 resistance level, the coin’s next target is $200. However, analysts believe that this level would act as a physiological hurdle and offer solid resistance.

Josh Rager, a renowned crypto trader said,

Lots of people talking hype for ETH… we’ll it’s good that it’s above the 20 MA — could be confirmation (so it continued to make new lows after each time this has happened since Nov/Dec 2018) The only problem is it looks like price has hit the overhead resistance cluster above.

According to him, it is risky to go have high hopes on ether now. This is because BTC’s price has continued consolidating within a narrowing wedge. Rager explained that BTC “breaking down will only lead to a loss for all assets including ETH and BTC will likely retrace less than ETH overall if that happens”.

This news comes as BTC continues trading sideways with minimal movement. At the time of writing, the leading cryptocurrency by market capitalization is trading at $10,352 according to data from Coinmarketcap. While ETH gained and BTC did not, its gains have not been substantial enough to disturb BTC’s dominance, which is currently at 71 percent.

Do you think will breach the $200 level before the end of the day? Let us know in the comments below.

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