Ethereum Shatters First Key Resistance as Analysts Target Move to $480
- While Bitcoin explodes past $17,000, Ethereum has seen only tempered momentum
- That being said, the crypto was able to break above a crucial resistance level today, and is trying to gain a footing above $470
- This has led one analyst to expect significantly further upside in the near-term
- He believes that $480 is the next key level that ETH will target, with a break above here being vital for it to see a strong push towards $500
- If Ethereum can break above $500 anytime soon, then it may be able to enter a full-fledged uptrend and gain some ground against Bitcoin
Ethereum has been struggling to match the momentum seen by Bitcoin as of late. While the benchmark cryptocurrency pushes to new post-2017 highs, ETH remains below its yearly highs set just a few months ago.
This underperformance is somewhat surprising, as ETH typically outperforms BTC during bouts of market-wide strength and underperforms it during downturns.
This shows an ongoing paradigm shift in the market, and it is looking increasingly more like late-2017 with each passing day.
One trader believes it is almost Ethereum’s time to shine, with a potentially imminent break of $480 being a catalyst for immense upside.
Ethereum Struggles to Match Bitcoin’s Momentum
At the time of writing, Ethereum is trading up just over 2% at its current price of $470. This is where it has been trading throughout the past few days and weeks, with the selling pressure proving significant.
If it can gain a firm foothold above this level, it may target the $480 region, which is one of the last major resistance levels before $500.
A break above this level, coupled with flipping it into support, is vital for the crypto to see momentum matching Bitcoin’s shortly.
Trader: ETH Likely to Reach $480 in Coming Days as Uptrend Persists
While sharing his thoughts on Ethereum’s near-term outlook, one analyst explained that he is closely watching for the cryptocurrency to claim $480.
Although there is resistance between ETH’s current price and this level, a break above here could shift the tides back into bulls’ favor.
“ETH Heat: From here till 480 there is resistance along the way up. The first at 465 has been broken, and volume is extremely strong with the POC being below the current price on the LTF.”
Image Courtesy of NekoZ. Source: ETHUSD on TradingView.
The coming few days should provide insight into just how heavy this resistance will be. A firm break above it could allow the entire market to explode significantly higher.
Featured image from Unsplash. Charts from TradingView.