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Ethereum Prepares For Big Movement, Will The Bulls Favor It?

09/13/2020

Ethereum prepares for a big movement to the upside as it was flashing some signs of strength over the past few days. The bulls were pushing it back to the recent highs of $380 as the cryptocurrency is outperforming Bitcoin and remains in a decent technical position as we are reading more in the latest ethereum news.

One analyst noted that there are some factors that suggest that Ethereum prepares for a big movement to the upside and how will the bulls react depends on their reaction to the crucial levels. Ethereum flashed some signs of strength earlier today and traded above $370. This marked a notable rebound from the recent lows of under $365 and could indicate that further upside is imminent. The asset remains beneath the crucial $380 resistance level which is being looked upon as the one major factor that could determine where the cryptocurrency will trend next.

eth chart
Image Courtesy of Crypto Michael. Chart via TradingView.

One analyst believes that a test of this level is imminent and the reaction could set the tone for how it will trend in the upcoming days and weeks ahead. Another trader noted that a confluence of factors shows a massive movement is in preparations and it is imminent in the near term. Because of the expressed strength by the bulls, this could mean a huge move ahead in the direction of the bull. At the time of writing, Ethereum will trade down marginally with a price of $372 which is around the price at which the cryptocurrency was trading over the past week. One analyst even noted that Ethereum prepares for a big movement that will depend on the reaction at the $380 level. This level was established as a resistance earlier this week and provided support earlier in the past:

 “These are the levels that I’m watching on ETH. Quite simple,”

eth chart
Image Courtesy of CryptoBirb. Chart via TradingView.

The analyst said that Ethereum’s reaction to support and the emerging bull pennant will lead ETH to a big movement in the near-term:

 “ETH about to do some bigger moves.”

How will Ethereum’s ETH react to the $380 level over the weekend should set the tone for the next direction and trend for the upcoming short-term ahead.