- Ethereum saw a massive price spike yesterday that allowed it to shatter its previous resistance at $400
- From here, the cryptocurrency rallied nearly 10% higher until it hit the $430 region, which is where it found some short-term resistance
- Although being incredibly strong at the present moment, analysts are noting that it may first need to see a deep pullback before its price can push any higher
- This may lead it as low as $360 in the near-term, but analysts are also noting that a bounce here could confirm a highly bullish accumulation pattern
Ethereum has been one of the best performing major cryptocurrencies over the past 24-hours.
Yesterday, after consolidating around $390 for an extended period of time, the cryptocurrency’s price saw a massive spike that led it up to highs of over $430.
This rally came about suddenly and unexpectedly, with it catching many investors off-guard due to it being somewhat random.
Concurrent with this movement, most other digital assets remained stagnant, although it did help create a slight tailwind that pushed BTC up towards the upper-$11,000 region.
Analysts are now noting that it may be poised to see a sharp retrace before it is able to post any further gains.
This retrace could also confirm an extremely bullish accumulation pattern – so long as bulls defend its key support.
Ethereum Rallies Past High Time Frame Resistance in Sudden Movement
Selle kirjutamise ajal Ethereumi hind is finding stability around $425, which is just below the peaks it posted during yesterday’s sharp movement.
The momentum it incurred yesterday allowed it to test highs of $435 on multiple occasions, but it has yet to stabilize above $430.
Sellest rääkides üks analüütik selgitas that he believes it may need to see a slight decline towards $400 before it can push higher.
"ETH / USD: iganädalane lähedalt vaadates on praegu täiesti hull, arvan, et 475 dollarit oleks järgmine suurem vastupanu tase. Tõenäoliselt on oodata tagasitõmbumist umbes 400 dollari tasemele enne kuu lõppu, et kinnitada seda taset toetusena, kuid üldiselt tundub see tõukejõulisem kui kunagi varem.
Image Kaktuse viisakalt. Diagramm kaudu TradingView.
ETH Declining Towards $360 Could Confirm Ultra-Bullish Pattern
Another analyst also forecasted near-term downside, but he usub, the next plunge is part of a bullish akumulatsiooni muster that Ethereum has been forming as of late.
As seen on the below chart he offers, this next decline could lead the crypto into the $360 region – which has been established as bedrock support on multiple occasions.
Image Krüpto il Capo viisakalt. Diagramm kaudu TradingView.
Even if Ethereum does face a short-term pullback, it does appear that the crypto is well-positioned to see further upside over a macro time frame.
Esiletõstetud pilt saidilt Unsplash. Diagrammid alates TradingView.