Ethereum Just Broke a Key Technical Level, Opening the Gates for an Explosive Rally
Bitcoin saw a sharp upwards movement earlier today that allowed the cryptocurrency to surge as high as $6,900, with this rally leading major altcoins like Ethereum to follow suit and further extend the momentum that was first incurred early yesterday.
Analysts are now noting that today’s rally allowed ETH to break above a key technical resistance level that was previously hampering its price action.
This break could prove to be highly bullish for the crypto in the near-term, potentially allowing it to rally towards $180 in the days ahead.
Ethereum Rallies Alongside Bitcoin and Most Other Altcoins
At the time of writing, Ethereum is trading up just under 5% at its current price of $138, which marks a notable climb from daily lows of $130 that were set yesterday.
It is important to note that ETH raced as high as $150 today before losing its steam and retracing back towards its current price levels, although it still appears to be bullish from a technical perspective.
Michaël van de Poppe – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that the key near-term resistance Ethereum needs to surmount if it wants to continue climbing higher sits between roughly $152 and $153.
“Ethereum: Got there and rejected. Wonderful. If we clear $152-153 area, I assume we’ll rally towards $185-195. However, after such a rally I think it’s more likely to see retests of $120-125 before continuation,” he noted.
Two Crypto Tokens Beat Bitcoin in Q1 after Jointly Surging 450%
Wednesday April 01, 2020
The first quarter left bitcoin under stress as it gave up all its early yearly gains to the fast-spreading Coronavirus pandemic. As of March 31, 23:59 UTC, the cryptocurrency was down by 10.53 percent...
The post Two Crypto Tokens Beat Bitcoin in Q1 after Jointly Surging 450% appeared first on 12bitplay - Bitcoin Play.
Got there and rejected. Wonderful.
If we clear $152-153 area, I assume we'll rally towards $185-195.
However, after such a rally I think it's more likely to see retests of $120-125 before continuation. pic.twitter.com/9KcuBh0tPs
— Crypto Michaël (@CryptoMichNL) March 20, 2020
Technicals Point Towards Ripple (XRP) Rally To $0.20 Despite Some Roadblocks
Friday April 03, 2020
Ripple is trading in a positive zone above the $0.1750 region against the US Dollar. XRP price is likely to accelerate gains in the near term and it could test $0.1880 and $0.2000. Ripple...
The post Technicals Point Towards Ripple (XRP) Rally To $0.20 Despite Some Roadblocks appeared first on 12bitplay - Bitcoin Play.
Although it is a possibility that ETH will decline further before garnering enough support to rally past $150, it still appears to be bullish over a mid-term time frame.
ETH’s Break of This Key Technical Level to Bolster Its Price Action
Although the crypto faced a rejection at its key resistance earlier today, it is important to keep in mind that it was able to invalidate the bearish double top that it was previously forming.
This has led Big Cheds, another popular crypto analyst, to explain that he is now targeting a movement up towards its 200-day moving average in the near-term, which currently sits at around $179.
“Ethereum daily – Broke its double top overnight, target MA 200, roughly $179,” he noted.
Ethereum Gearing For Another Lift-Off to $155: Rally Isn’t Over Yet
Friday April 03, 2020
Ethereum rallied recently above the $135 and $140 resistance levels against the US Dollar. ETH price remains well supported and it could rise again towards $150 and $155. Ethereum is showing a lot of...
The post Ethereum Gearing For Another Lift-Off to $155: Rally Isn’t Over Yet appeared first on 12bitplay - Bitcoin Play.
$ETH #Ethereum daily – Broke its double top over night, target MA 200, roughly $179 pic.twitter.com/Mb0m4RAbL9
— Big Cheds (@BigCheds) March 20, 2020
The hours ahead should elucidate whether or not today’s upswing will drastically alter Ethereum’s mid-term outlook, but it is appearing to be increasingly likely that the crypto will soon rally higher.
Featured image from Shutterstock.