Ethereum is About to Post a Major Technical Breakout; Massive Gains Imminent
Ethereum has been able to secure a relatively strong foothold within the $180 region over the past several days and weeks, with its multi-week uptrend allowing it to post consistent gains in tandem with Bitcoin and other major altcoins.
It is important to note that Ethereum could now be on the cusp of posting a major technical breakout, and its reaction to its ongoing test of a key resistance level could provide significant insight into just how far ETH’s ongoing rally will extend.
Ethereum Taps Key Technical Resistance Level; A Break Above Could Catalyze a Massive Movement
At the time of writing, Ethereum is trading up just under 1% at its current price of $182, which marks a notable climb from weekly lows of $160 that were set around this time last week.
The cryptocurrency’s recent uptrend has been a steady upwards grind rather than a parabolic rally, which makes its recent rally appear to be especially sustainable.
It does appear that the mid-$180 region is a resistance region for the cryptocurrency, however, and it also seems as though ETH is currently forming a tremendously close correlation with BTC at the moment.
One other key resistance level that Ethereum is currently approaching is its 200-day moving average, which has been a level that has been catalyzing selloffs since 2019.
In addition to currently pushing up against the 200-day moving average, Ethereum is also just beneath a multi-year descending trendline that has been hampering its price action.
Galaxy, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is entering ETH position at $180 with a $350 target.