- Ethereum has been rocketing higher throughout the past few days, with its latest round of upside kicking off after the sudden rally from the mid-$700 region to over $1,000
- The crypto has now established a solid foothold within the $1,000 region, and bulls confirmed this level as support yesterday
- This is indicative of its present strength, and its ability to climb today while Bitcoin consolidates has given its BTC pair some strength
- Where the entire market trends in the near-term should depend largely, if not entirely, on whether or not bulls will be able to break one crucial level today
- An analyst is pointing to $1,175, noting that a clean break above this level could be all that is needed for a move to fresh all-time highs
Ethereum has been finally gaining some ground against Bitcoin following a month-long period of severe underperformance.
Over the past week, its strength has allowed it to move towards its all-time highs, with bulls now establishing the lower-$1,000 region as a robust support region.
It now appears to be targeting a move to new all-time highs, and one analyst is noting that $1,175 is the key resistance level that bulls need to shatter for it to see significantly further gains.
Ethereum Rallies as “Altseason” Kicks Off
At the time of writing, Ethereum is trading up just over 3% at its current price of $1,140. This marks a notable rise from daily lows of just under $1,000 set around this time yesterday.
The crypto does appear to be facing some resistance around $1,150, making a break above this level technically significant in the near-term.
Bitcoin’s present consolidation phase is boosting altcoins and may provide ETH with continued near-term strength.
Analyst: ETH Could Set Local Highs After Breaking This Key Level
One trader explained that this latest leg up has led Ethereum to a crucial resistance region.
He notes that it is almost the moment of truth for the cryptocurrency and that it could be well-poised to see significantly further near-term upside.
“ETH / USD: This is it, moment of truth. Looking for an hourly close above $1150 and then for PA to start attacking this last key resistance level at $1175 before we see new highs. I think once america wakes up in a few hours we are going to be seeing new local highs, send it!”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming few days should provide investors with some serious insights into how Ethereum will trend in the mid-term, given Bitcoin’s newfound consolidation pattern.
Featured image from Unsplash. Charts from TradingView.
