- Ethereum has seen some mixed price action lately, with the cryptocurrency mainly taking its signals from Bitcoin
- This has caused it to struggle to gain serious momentum, with the price stuck in the mid-$ 1,200 region in recent days
- The USD 1,300 selling pressure has catalyzed strong rejection in the past, confirming this level as resistance
- Where it develops further will no doubt largely depend on ETH and whether the entire market can gain some momentum in the short term.
- An analyst notes that Ethereum is about to see a massive surge once it can turn a key level into support
Ethereum and the entire cryptocurrency market has seen mixed price action in recent days and weeks.
The selling pressure seen every time ETH ventures into the mid $ 1,200 region is quite intense and could indicate that a further downward spiral is imminent in the near term.
One analyst is still incredibly optimistic about the crypto, but notes there is a good chance he will see a test of its all-time high if he can turn $ 1,250 into support.
Ethereum is consolidating alongside Crypto Market as Momentum Stalls
At the moment of writing, Ethereum is trading marginally at its current price of $ 1,230, roughly where it has been trading for the past few days.
The cryptocurrency attempted to break above $ 1,300 a few days ago, but the selling pressure here was pretty intense and led to a rejection.
Where the medium-term trends emerge should largely depend on whether or not bulls can continue to form a strong support base between USD 1,200 and USD 1,230. Keeping it above this level could lead to significant upside potential.
Analyst claims ETH could move higher if it flips USD 1,250 to support
An analyst explained in a recent tweet that he is closely watching Ethereum diverting $ 1,250 in support before it can see any significant short-term gain.
He notes that a break above this level could lead to a test of record highs and bulls must defend themselves against a break below USD 1,170.
ETH / USD: Currently my thoughts on ETH at the moment in terms of shorter timeframe momentum. I will be releasing a newsletter later today that goes into more detail and what to expect from PA. The best long R: R right now is PA flipping over at USD 1250 to provide support, to stay above USD 1170. “
Image Courtesy of Cactus. Source: ETHUSD on TradingView.
Ethereum is currently trading at a crucial point. How it keeps responding to the main levels just above and below the current price should provide some important insights into the medium-term outlook.
Featured image from Unsplash. Charts from TradingView.