Here’s Why Ethereum Is Primed to Hit $290 After 12% Bounce

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Ethereum has bounced after a punishing drop over the past two days. After falling as low as $290 on Saturday, the leading cryptocurrency has recently bounced as high as $355-360. This marks a 12-14% move from the local lows, which is actually an outperformance of Bitcoin. Some are optimistic that ETH runs back to $390, citing the technical supports it managed to hold above yesterday. Not everyone is convinced. A number of traders are still convinced Ethereum hits $290 in the near future. Ethereum dropping to $290 from current levels would entail another 18% move lower. Ethereum Is Primed to Hit $290 in the Near Future: Analysts A trader is convinced Ethereum hits $290 in the near future after it printed a clear rejection at the $360 resistance level. He shared the chart below on Sunday morning, showing that the failure to surmount that level is likely setting the cryptocurrency…

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