- Ethereum’s price has been moving in lockstep with Bitcoin’s throughout the past few days
- Although this previously caused it to see a prolonged period of boring and lackluster price action, it eventually worked in ETH’s favor
- The cryptocurrency is now rallying higher and approaching its crucial $380 resistance as buyers take full control of its short-term price action
- The ongoing upswing is significant, as it has allowed both ETH and BTC to shatter the selling pressure that was suppressing their price action
- Analysts are now noting that Ethereum is well-positioned to see even further upside in the near-term
Ethereum is currently rallying alongside Bitcoin and the aggregated crypto market. The price action seen throughout the past 24-hours has been overwhelmingly positive, marking a fundamental shift in the underlying trend.
ETH is now rapidly approaching its $380 resistance. This level has been historically significant, as it has acted as a pivot point for ETH.
If it is unable to firmly surmount this level and faces a rejection here, it could indicate that downside is imminent.
Analysts don’t think this is the case, as they are noting that Ethereum is now poised to see further gains in the days and weeks ahead.
Ethereum Rallies Towards Key Resistance as Bitcoin Breaks Out
At the time of writing, Ethereum is trading up just under 3% at its current price of $375. This is around the price at which it has been trading throughout the past few hours.
This ongoing uptrend has allowed the cryptocurrency to rise from recent lows of $336 set just a few days ago in tandem with Bitcoin’s decline to $10,500.
It now appears that the bear trend is reversing, and bulls are about to take full control.
Here’s Why ETH’s Uptrend is Unlikely to Reverse
Ethereum has now shattered multiple crucial resistance levels throughout the course of its latest push higher.
One analyst is looking for a slight retrace down towards $360, but he believes it is unlikely that this level will break. From here, he anticipates an upwards move to $400.
“Retracement all the way back to 355~ is a no-no IMO. How often do strong bull trends fully retrace to their origin of breakout within days? Never. I’m already long from 368 (half profit taken), but if that stops out, I’ll look towards 361~ area. Would aim 400 from there.”
Image Courtesy of Chase_NL. Chart via TradingView.
The coming few days should provide insights into where Ethereum and the entire crypto market will trend next.
Featured image from Unsplash. Charts from TradingView.