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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown

Ethereum Reaches a Turning Point; Here’s What Could Reverse Its Uptrend

Cole Petersen
by Cole Petersen
5 years ago
·
Posted in Altcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Ethereum has been consolidating alongside Bitcoin throughout the past several days, struggling to break above the heavy resistance that has been formed at $400
  • This consolidation phase has offered little insight into the cryptocurrency’s near-term outlook
  • Analysts are now noting that ETH may be well-positioned to see significant upside in the short-term
  • One trader is noting that there is one level that could invalidate this strength, but it remains unclear as to whether or not it will be tested anytime soon

Ethereum and the entire cryptocurrency market is currently witnessing mixed price action.

Yesterday, ETH bulls stepped up and sent the crypto rallying up towards $400 – which happens to be its key resistance level.

At this point, buyers lost their momentum, and it once again fell back into its consolidation channel around $390.

Despite this, analysts are now noting that the cryptocurrency’s technical outlook is growing bright, and it may only be a matter of time before Ethereum journeys higher.

There is one crucial support level that on trader is pointing to that must continue holding in the near-term, as he notes that a break below it could be all that is needed for its strong uptrend to reverse.

Ethereum Struggles to Break $400 Despite Technical Strength

At the time of writing, Ethereum is trading up just over 1% at its current price of $394. This is around where the crypto has been trading throughout the past week.

Overnight, bulls attempted to shatter the heavy resistance that sits within the lower-$400 region, but they were unable to do so, and the crypto quickly declined back towards its $390 support level.

One trader is noting that Ethereum remains technically strong despite this recent rejection.

“ETH looking primed for continuation. Confirmation post a break of the green line, invalidation if it breaks down first,” he explained while pointing to the below chart.

Ethereum

Image Courtesy of Lucid. Chart via TradingView.

Analyst: ETH is at a Turning Point as It Trades Between Key Support and Resistance

Another analyst explained that he now believes Ethereum is at a “turning point” in which its macro trend will soon be determined.

He notes that the only factor that could provide it with any bearishness is a high time frame close beneath $350 – which he doesn’t expect to happen.

“ETH / USD: Literally a major turning point for ETH HTF momentum, unless we close a weekly or a monthly below $350 sometime soon it’s pretty much impossible to be bearish. We are about to see some real upside momentum in Q4,” he explained.

Image Courtesy of Cactus. Chart via TradingView.

Whether or not Ethereum can break $400 in the coming days will likely depend on Bitcoin’s reaction to $12,000.

Featured image from Unsplash.
Charts from TradingView.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Cole Petersen

Cole Petersen

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Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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