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.
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,”
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.