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Ethereum has been flashing mixed signs to investors throughout the past several days and weeks
After seeing some turbulence yesterday, it is now showing some relative signs of strength as it trades near the upper boundary of its long-established trading range
Analysts are now noting that it is currently a crucial moment for the digital asset
Where it trends next could be largely dependent on whether or not buyers can shatter a crucial resistance level
A failure to do so would likely lead it to see major losses
Ethereum has been slightly outperforming Bitcoin in recent times, with its buyers being able to push ETH up towards the upper boundary of its trading range while BTC remains in the lower-$9,000 region.
The cryptocurrency is now pushing up against what appears to be a substantial resistance level, and whether or not buyers can surmount it could determine if it reels to lower lows, or targets its next resistance at $275.
The coming few hours and days should elucidate the crypto’s mid-term trend.
Ethereum Incurs Steady Uptrend Over Macro Time Frame
At the time of writing, Ethereum is trading up under 1% at its current price of $244. The crypto has been flashing some signs of strength over the past 24-hours.
Yesterday, sellers forced it to a low of $237, which happens to be a crucial support level that has been tested and defended on multiple occasions throughout the past several days and weeks.
Buyers ardently absorbed this selling pressure and helped lead it higher.
It is now trading right around its daily highs, although there is some resistance at just above where it is currently trading at.
One analyst recently observed an interesting trend seen while looking towards the crypto’s multi-month price action, with Ethereum forming multiple consolidation channels that tend to result in upwards breakouts.
“I found it interesting that ranges have become longer in duration as price appreciated. Plus a clean trend,” he noted in response to one user.
This pattern can be seen in the below chart:
Image Courtesy of Mohit Sorout. Chart via TradingView.
Analyst: ETH is Currently Trading at a Crucial Level
Another analyst recently said that how Ethereum trends in the coming hours and days could be vital for understanding its mid-term trend.
He notes that $245 is the crucial level to observe, and a break above this resistance could send ETH rocketing towards $275.
“ETH HTF Update: Currently, ETH seems to be testing this major level of resistance once again, this is a critical point for momentum if this gets S/R flipped. Flip $245 and I think we see $275 quickly,” he said
Image Courtesy of Cactus. Chart via TradingView.
A rejection at this level, however, could strike a significant blow to Ethereum’s underlying strength.
Featured image from Shutterstock.
Charts from TradingView.