This sideways trading is a good thing for ETH, as the cryptocurrency is now consolidating above a key resistance level that was only surmounted yesterday. A flip of this level into support could boost it higher.
“ETH / USD: Considering this graph is from last week, its beautiful. Seems like a true breakout, think we can break $400. Liking what the market is showing, across the board.”
Released at Tue, 13 October 2020 20:00:20 +0000
Its ability to hold above this formerly strong resistance level is positive and might indicate that further upside is imminent at the near-term.
At the time of writing, Ethereum is trading down just over 1 percent at its current price of $382. This is around the price where it has been trading for the past day.
Ethereum Consolidates Above Key Technical Level
The coming few weeks and days should provide substantial insights into Ethereum’s near-term outlook, as it all depends on its reaction to $380 and $400.
One analyst believes that a break above this level is imminent and might permit the token to see considerably further gains in the days ahead.
Assuming this amount continues holding strong, it’s very important that bulls then navigate ETH up towards $400.
Analyst: ETH’s Breakout Probably to Catalyze Move into $400 Region
Featured image from Unsplash.
Chart via TradingView.
He’s now targeting a move past $400, calling this a”real breakout” that retains technical significance.
If confirmed as support, this degree may be what helps spark the rally that contributes Ethereum past $400.
While sharing his thoughts on where Ethereum might trend next, one analyst explained that Ethereum’s market structure points to underlying strength.
Ethereum and the whole crypto market are trading sideways today, which comes as Bitcoin struggles to move past the resistance it faces at $11,600.