Similar to how several strategists expect the bitcoin price to increase substantially if it breaks the $4,200 resistance level in the near-term, traders foresee Ethereum rising to as high as $200 if it rebounds over crucial levels.
However, the potential scenario in which Ethereum climbs to the $200 region is conditional in that it would have to break out of a resistance level it has struggled to test since February.
One positive indicator for the short-term price trend of Ethereum is the strong performance of alternative cryptocurrencies.
In the past 24 hours, tokens in the likes of Bibox Token, Tezos, Aion, Waltonchain, and Aeternity recorded gains in the range of 5 to 65 percent against the U.S. dollar.
The stagnant price trend of bitcoin suggests that new inflow of capital is not coming in but rather existing capital in the cryptocurrency market is flowing into alternative cryptocurrencies.