Ethereum has been witnessing some amazingly influential price movement during the past several weeks, and there’s no end in sight to its ongoing uptrend.
The cryptocurrency is currently moving up towards a significant high time frame resistance level that crypto experts have been following for quite a while. Furthermore, the overly bullish market formation that appeared in recent times will possibly be enough to launch it over this level.
One analyst details the crypto’s crucial break into its Ichimoku Cloud resistance as a circumstance that could further thrust it higher. He sees that this pattern implies that a move up towards a minimum of $460 is expected in the coming weeks. The very trader also remarks that it has yet to reflect any bearish deviations again – which is evidence of its current technical force.
Ethereum’s Market Structure is Substantially Bullish as Analysts Eye Near-Term Upside
At the time of reporting, Ethereum is trading up over 3% at its current $346. This is approximately the price at which it has been trading during the past several hours.
It is striving to extend its daily upswing much farther because of the massive resistance of around $350. This has long been a level followed by analysts, as it has historical importance.
Notwithstanding not being able to breach this level yet, it is imperative to note that bulls guard versus any firm rebuff within the upper- $ 340 ranges. This may be a clue that a breakout rally is approaching.
While expressing about Ethereum’s near-term outlook, one prominent analyst emphasized that he is waiting for a move up towards $365 in the short-term, followed by a rally past $400.
“ETH: After closing above a long term [S/R] on the 2-day chart. We can go ahead and send ETH to $365. Followed by over $400… which means altcoins can make a run right here as BTC dominance pulls back too,” he explained.
ETH is Now on a “Mars Mission” as Odds of a Massive Upside Movement is Eminent
Others are repeating this bullish outlook on Ethereum.
Another prominent trader noted that ETH is now trading well-within its Ichimoku Cloud resistance. Because assets typically hit the upper boundary of the cloud once it is breached, it may shortly be trading at $460 or greater.
“1W ETH: Price on a moon mission to $460 minimum based on weekly e2e – tk cross flips bull this week – obviously, the important part is the trajectory – no high tf bear divs just yet, which is quite impressive…”
How Ethereum reacts to $350 may have far-reaching connections for Bitcoin and the whole cryptocurrency market.