After seeing some turbulence yesterday, Ethereum price showing some relative signs of strength
Ethereum price has been flashing mixed signals for days and weeks. And after seeing some turbulence yesterday, it is now showing some sign of relative strength as it trades near the upper boundary of the long-established trading range. Analysts are currently noting that it is presently an important moment for ETH.
The next trend of Ethereum price depends on whether or not buyers can break through the key resistance levels
Ethereum has been a little bit ahead of Bitcoin in recent times. In particular, ETH traders can push its price to the upper boundary of its trading range while BTC is still in the lower $ 9,000 range.
The cryptocurrency is currently pushing up to significant resistance. Whether a buyer can overcome, it can determine whether it will return to the lows, or target the next resistance at $. 275. The next few hours and days will shed light on the medium-term trend of ETH.
At press time, Ethereum is trading below 1% with the current price of $ 239, flashing some strength signs over the past 24 hours. Yesterday, the seller forced it to a low of $ 237, which is a significant support level that has been tested and protected several times over the days and weeks.
Enthusiastic buyers absorb this selling pressure and help lead it higher. It is currently trading right around its daily high, although there is some resistance just above where it is currently trading.
According to analyst Mohit Sorout, Ethereum is forming many unified channels that tend to lead to an upward breakout.
— Mohit Sorout 📈 (@singhsoro) July 13, 2020
“I found it interesting that ranges have become longer in duration as price appreciated. Plus, a clear trend.”
Mohit Sorout’s Chart via TradingView
Meanwhile, analyst Cactus recently said the Ethereum trend in the coming hours and days is essential to understand its medium-term trend. He noted that $ 245 is essential to observe, and a break above this resistance level could send ETH rocketing towards $275:
“ETH HTF Update: Currently, ETH seems to be testing this major level of resistance once again, this is a critical point for momentum if this gets S/R flipped. Flip $245 and I think we see $275 quickly.”
Cactus’s Chart via TradingView
However, a rejection at this level can deal a significant blow to the underlying power of Ethereum.
You can also check Ethereum Price here.
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