Ethereum price has been driven higher by a massive influx of buying pressure seen throughout the past several days
Ethereum price has been driven higher by a massive buying pressure line seen over the past several days. The intensity of its uptrend was even enough to push Bitcoin higher, as BTC broke above the $ 10,000 resistance level as soon as Ethereum could rise to $ 320.
Analysts are currently convinced that further price increases are imminent for ETH, as the technical power generated by its latest movement should not be underestimated. Data on the chain also shows that Ethereum is near the level of creation or disruption. Its reaction to the current price area may set trends in the days and weeks to come.
The Ethereum price shows signs of technical strength as analysts rolled their eyes
At the time of writing, Ethereum is trading just under 2%, with the current price of $ 318. This is around where cryptocurrencies have been trading during the past day. It is important to note that the bulls are struggling to support it above the $ 320 zone, as it has faced many micro denials at this level during the past few hours.
Whether or not buyers can break out of the resistance that exists here will reveal its short-term strength.
Analysts note that Ethereum may be well-positioned to see further price increases; however, it recently broke the peak of a range of transactions for months.
According to analyst Jonny Moe, $ 365 as an Ethereum short-term goal, explained that breaking BTC above $ 10,500 could spark this next movement.
He stated:
“ETH now soundly thru the $318 range, pushing a 40% 7d return. The $365 high from last summer is now squarely in sight. I threw the last 2 pieces of resistance I can find on the chart, the 2019 high close and one more HOD at 334 and 343. Eyes on BTC for the 10.5 break as well.”
$ETH now soundly thru the $318 range, pushing a 40% 7d return.
The $365 high from last summer is now squarely in sight. I threw the last 2 pieces of resistance I can find on the chart, the 2019 high close and one more HOD at 334 and 343.
Eyes on $BTC for the 10.5 break as well. pic.twitter.com/5h1eVSTkHM
— Jonny Moe (@JonnyMoeTrades) July 27, 2020
Elsewhere, analysis platform Glassnode explained in a recent post that Ethereum’s “Net Unrealized Profit / Loss” is currently moving into the “optimism” zone.
The report stated:
“Ethereum’s Net Unrealized Profit/Loss is seeking to move into the ‘Optimism’ zone for the 3rd time in the past 2 years. If the break is sustained & quickly bridged into the ‘Belief’ zone, this could signal an extended period of ETH price appreciation.”
The way Ethereum trades in the coming hours is likely to have a significant impact on its macro trends.
Read more:
- ETH Options Market Is Seeing Explosive Growth, Seemingly Fueling The Rally Of Ethereum Price Past Its Yearly High
- Xangle Research: Ethereum On-Chain Activity Very Similar To That Recorded Before The Market Boom In 2017