Ethereum is About to Flip a Key Resistance Level into Support; New Highs Imminent?

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  • There have been some mixed price movements in Ethereum lately, with the cryptocurrency mainly based on Bitcoin
  • This has made it struggling to get any serious boost as its price has been stuck in the middle of the $ 1,200 region for the past few days
  • The selling pressure of $ 1,300 has generated strong rejection in the past, confirming this level as resistance
  • Where it goes next will undoubtedly largely depend on ETH and whether or not the entire market can gain momentum in the short term
  • One analyst notes that Ethereum could be on the verge of seeing a massive surge once it can turn a key tier into support

Ethereum and the entire cryptocurrency market have seen mixed price movements over the past few days and weeks.

The selling pressure that comes up every time ETH ventures into the $ 1,200 region is quite high and could indicate that another downtrend is imminent in the short term.

One analyst is still incredibly bullish about crypto, but notes that if he can put $ 1,250 in support, there is a very good chance he will see a test of its all-time highs.

Ethereum is consolidating alongside the crypto market when momentum falters

At the time of writing, Ethereum is trading marginally at its current price of $ 1,230, which is roughly what it has been trading at for the past few days.

The crypto tried to break above $ 1,300 a few days ago, but the selling pressure here was quite high and triggered a rejection.

Where this plays out over the medium term is likely to largely depend on whether or not bulls can continue to provide strong support between $ 1,200 and $ 1,230. Holding above this level could result in a significant uptrend.

Analysts claim ETH could rise higher if it tips $ 1,250 on support

An analyst said in a recent tweet that he is paying close attention to Ethereum pouring $ 1,250 into support before it can see a significant uptrend in the short term.

He notes that a break above this level could test the all-time highs and that bulls will have to defend against a break below $ 1,170.

“ETH / USD: Currently my thoughts on ETH with regard to a lower dynamic of the time frame. I will be bringing out a newsletter later today that will describe in more detail what to expect with PA. The best long R: R right now is that PA is putting $ 1250 into support and wants to stay above $ 1170. “

Image courtesy of Cactus. Source: ETHUSD on TradingView.

Ethereum is trading at a crucial point right now. How it continues to react to key levels just above and below its current price should provide some important insights into its medium-term outlook.

Featured image from Unsplash. TradingView charts.