A Big Movement Ahead For ETH, Will It Favour Bulls Or Bears?
Ethereum has been illuminating some power signals over the past few days, with the bulls now back to their latest $ 380 peaks. The cryptocurrency is slightly higher than Bitcoin at the moment and appears to be in good technical condition. One analyst notes that the combination of factors seems to suggest that a major movement is being held in cryptocurrency. Whether this move favors bulls or bears is a different question, and can depend entirely on its response to one critical level.
Ethereum sheds some light on the strengths of today as cryptocurrency sells for more than $ 370. This marks a significant return from the recent low of less than $ 365 and could indicate that further upsides are about to happen. It remains below its $ 380 resistance level, widely regarded as one factor that can determine where cryptocurrency trends will follow next. One analyst believes that testing for this level is imminent, and its response here could set the tone for how it goes in the days, weeks and months to come.
One other analyst noted that the combination of objects seems to indicate that a major movement is about to happen. Due to the limited capacity of the bulls as at the end of the period, this could mean that the next movement will favor consumers.
ETH moving Towards Key Resistance Level
At the time of writing, Ethereum is trading a bit for its current $ 358. This is around the price at which cryptocurrency was traded a few days and weeks ago. One analyst notes that its short-term direction is likely to depend entirely on its response to $ 380. This level was established as a resistance earlier this week and was previously the ETH stone funding level.
Massive Move Ahead For Ethereum
One analyst, while looking at the Ethereum market structure, support response, and the emerging beast pen, explained that he expects ETH to see a major movement in the near future. Ethereum’s response to $ 380 this weekend should set the tone for which it will be targeted next week. But the future looks very bleak.
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