- Ethereum is currently in the process of breaking back above its crucial $380 resistance level
- This level has significant historical importance, as breaks above and below it have marked turning points for the cryptocurrency’s previous trends
- Whether or not the crypto can push higher in the near-term may depend somewhat on Bitcoin
- The benchmark crypto has been seeing a slight uptrend over the past day, but it remains below its $11,600 resistance
- One analyst is noting that ETH’s market structure is ultra-bullish
- He even notes that it is one of the “best TA structures” seen throughout the entire crypto market
Ethereum has been slowly pushing up towards $380 again following its recent break below this level.
For this level to catalyze an upswing, it must be both surmounted and confirmed as support. A rejection here, however, would be grave for its short-term trend.
Where ETH trends next may depend largely on Bitcoin – which has been guiding the aggregated market.
That being said, one analyst is noting that ETH has one of the best market structures seen throughout the market, which may boost its price action in the weeks and months ahead.
Ethereum Moves Towards $380 Resistance
At the time of writing, Ethereum is trading up marginally at its current price of $379. This is around where it has been trading throughout the morning, with bulls aiming for $380.
Not only does $380 need to be surmounted for the cryptocurrency to rally higher, but it also has to be confirmed as support.
Just a couple of weeks ago, an attempt to confirm this level as support failed, and ETH reeled down below $370.
Analyst: ETH One of the Strongest Crypto’s from a Technical Perspective
While sharing his thoughts on where Ethereum might trend in the near-term, one analyst explained that there’s a decent chance that upside is imminent.
He pointed towards the crypto’s technical structure, noting that it is one of the strongest throughout the entire market.
“ETH / USD: I would consider ETH the best TA structure in crypto… I would consider ETH to have the best FA in crypto… I would be buying some Ethereum…”
Image Courtesy of Cactus. Source: ETHUSD on TradingView.
From a fundamental perspective, one catalyst that could boost its price action is the rollout of phase 0 of ETH 2.0, which is set to take place this week.
Featured image from Unsplash. Charts from TradingView.
Source: Bitcoinist News