Ethereum Posted an Incredibly Bullish Weekly Close, But Will It Keep Running?
- Ethereum’s price action has been front running that of Bitcoin over the past few days
- This has led some analysts to note that ETH’s strength is actually what catalyzed the ongoing uptrend seen by BTC
- The cryptocurrency is now showing even further signs of strength as it pushes towards $330
- Multiple analysts are noting that the stars are aligning for the crypto and that multiple factors suggest further upside is imminent
- As for how high these positive factors could lead Ethereum, one analyst is setting his sights on a move to $360
Ethereum has been caught in the throes of an intense uptrend throughout the past week, rallying from lows of $230 to highs of nearly $330 that were set today.
This strength comes as the entire market’s outlook begins growing bright, as Bitcoin and many of its smaller counterparts are all starting to climb in unison.
With regards to Ethereum, analysts are noting that there are multiple technical factors currently working in its favor, which have led one trader to set his sights on $360 as a near-term target.
This uptrend could be further boosted if Bitcoin is able to rally past $10,500.
Ethereum Rallies Towards $330 as Technical Strength Grows
At the time of writing, Ethereum is trading up over 4% at its current price of $325. This marks a notable climb from its recent lows of $230 that were set just one week ago.
The cryptocurrency has been grinding higher ever since it posted the breakout rally that sent it from $240 to $260 last week. From this point on, it has smashed through just above ever resistance level that has stood in its way.
As a result of this, analysts do believe it is poised to see further upside.
While speaking about Ethereum, one trader explained that he is setting his sights on ETH’s 2019 highs of $365 for a near-term target.
“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,” he explained.
Image Courtesy of Jonny Moe. Chart via TradingView.
Here are the Technical Factors Currently Bolstering ETH
In particular, he points to a few key technical factors that have flipped into Ethereum’s favor as factors backing this strong uptrend.
“ETH BTC closed the weekly stupidly bullish. Absolute chad candle, Kumo Breakout, and Ichi turns fully bullish this week (unless below .0284) for the first time in over 2 whole years. Right at weekly resistance rn, dips into the .028s would be gifts imo. ETHUSD looks at 350-360,” he said.
Image Courtesy of Smokey. Chart via TradingView.
The coming hours and days should provide insight into the long-term significance of this latest Ethereum rally.
Featured image from Unplash. Charts from TradingView.