Ethereum Shatters First Key Resistance as Analysts Target Move to $480
Although there’s resistance between ETH’s latest cost and this level, a break above here could shift the tides back into bulls’ favor.
At the time of writing, Ethereum is trading up just over 2% in its current price of $470. This is where it’s been trading throughout the last few days and weeks, with the selling pressure demonstrating significant.
This underperformance is somewhat surprising, as ETH typically outperforms BTC during bouts of market-wide strength and underperforms it during downturns.
1 trader believes it is practically Ethereum’s time to shine, with a possibly imminent break of $480 being a catalyst for immense upside.
Charts from TradingView.
Featured picture from Unsplash.
A break above this level, coupled with flipping it into support, is very important for the crypto to see momentum matching Bitcoin’s shortly.
The coming few days should provide insight into just how heavy this immunity will be. A firm break above it could permit the whole market to explode significantly higher.
Ethereum has been unable to match the momentum seen by Bitcoin as of late. While the benchmark cryptocurrency pushes to new post-2017 highs, ETH stays below its annual highs set just a couple of months ago.
If it can gain a firm foothold above this level, it might target the $480 area, which is one of the last major resistance levels before $500.
“ETH Heat: From here till 480 there’s resistance along the way up. The first at 465 has been broken, and quantity is extremely strong with the POC being below the current price on the LTF.”
This reveals an ongoing paradigm shift in the market, and it is looking increasingly more like late-2017 with every passing day.
While sharing his thoughts on Ethereum’s near-term outlook, one analyst explained that he is closely watching for the cryptocurrency to claim $480.
Released at Tue, 17 Nov 2020 20:00:23 +0000