Throughout the past few days, ETH has been showing some signs of strength. Bulls are now driving it back towards its recent highs at $380. It is now going towards its key resistance level.
As of the moment, the cryptocurrency is slightly beating Bitcoin and seems to be in a good technical position. In fact, one certain analyst is saying that a combination of these factors appears to be showing that a huge movement is brewing for the cryptocurrency.
Whether or not this move will be in favor of bulls or bears may be dependent on its reaction to one significant level.
Today, as Ethereum trades above $370, the cryptocurrency is showing some signs of strength. This commemorates a noticeable rebound from recent lows of under $365. Moreover, this may indicate that further upside is approaching.
It stays below its essential $380 resistance level. Many are looking upon this level as the only factor that may decide where the cryptocurrency trends next.
One certain analyst thinks that a test of this level is imminent. He further stated that its reaction here may determine the way for how it trends in the coming days, weeks, and months.
ETHEREUM IS ABOUT TO MAKE A BIG MOVEMENT; BUT WILL IT FAVOR BULLS?
As of the moment, Ethereum is trading down marginally with the current price of $372. The cryptocurrency has been trading around this price throughout the past several days and weeks.
One analyst is saying its reaction to $380 will likely determine its near-term directionality.
Earlier this week, this level was established as resistance. Moreover, it was ETH’s fundamental support level previously.
ANALYST: ETH GEARING UP TO MAKE A MASSIVE MOVE
One analyst, discussed the Ethereum’s market structure, emerging bull pennant, and reaction to support. He explained that he is anticipating ETH to have a big movement in the near-term. He stated:
Ethereum’s reaction to $380 this weekend will likely determine which direction it goes throughout the coming week.