Analyst: Ethereum Could Rally Towards $432 if Bulls Flip One Essential Level
Analyst: Ethereum Could Rally Towards $432 if Bulls Flip One Key Level
ETH’s lackluster price action as of late has been quite surprising, as it typically moves in lockstep with BTC.
Image Courtesy of Chase_NL. Source: ETHUSD on TradingView.
There’s a good chance that they’ll continue suppressing its price action from the short-term, but a break above them could put a firm end to the pattern of consolidation and stagnation seen as of late.
This tendency may soon shift, however, as ETH is in the process of testing its $390 to $395 resistance.
Charts from TradingView.
The coming day should offer some insights into where Ethereum will trend in the days and weeks ahead.
While sharing his thoughts on where Ethereum might trend from the near-term, one analyst explained that a break above $395 could send the cryptocurrency up towards $432.
If this breakout does occur, it will also lead ETH past $420 — that is where an influx of selling pressure stopped its most recent rally.
At the time of writing, Ethereum is trading up just under 2% at its current price of $389. This is a slight climb from its sub-$380 daily lows set just a couple of hours ago.
Bitcoin has been sucking all the oxygen out of the markets throughout the past couple of months, being one of the only cryptocurrencies to post consistent profits while most altcoins — such as Ethereum — stagnate.
1 analyst contends that a break above this amount could be all that is required for its price to rocket up towards $432.
The cryptocurrency has long been unable to break above $390 and $400 — with these two levels both acting as strong resistance before.
Featured image from Unsplash.
Analyst: ETH Could Rally Towards $432 After Breaking One Key Level
Released at Sat, 31 Oct 2020 19:00:27 +0000
- Ethereum has continued seeing lackluster cost action while Bitcoin rallies past its crucial short-term resistance
- The crypto is on the cusp of flipping its $390 resistance, however, which could give it freedom to rally significantly higher in the short term
- One dealer is now noting that a surge up towards $432 could be in the cards if ETH can split its short-term resistance level
- This would be a significant rally that potentially puts a firm end to its stage of underperformance while BTC explodes higher
“If ETH can reverse $395 back to encourage, I think it’s headed straight to $432,” he said while pointing to the below chart.
Its inability to rally has also stopped many smaller altcoins from gaining any momentum, as they’ve been closely tracking Ethereum’s price action.