October 2, 2022

Ethereum will Flip a Key Resistance Level into Support; New Highs Imminent?

2 min read
  • Ethereum has seen some combined price action since late, with the cryptocurrency mainly taking its hints from Bitcoin
  • This has triggered it to struggle to get any major momentum, with its rate being stuck within the mid-$1,200 region throughout the previous few days
  • The selling pressure at $1,300 has actually catalyzed a strong rejection in the past, verifying this level as resistance
  • Where it trends next will unquestionably depend mainly on ETH and whether the entire market can acquire any momentum in the near-term
  • One expert is noting that Ethereum might be on the cusp of seeing an enormous move higher once it can turn one essential level into support

Ethereum and the whole cryptocurrency market have seen combined cost action throughout the previous couple of days and weeks.

The selling pressure seen each time ETH endeavors into the mid-$1,200 region is quite extreme and might indicate that more disadvantage looms in the near-term.

One expert is still extremely bullish on the crypto, however, keeping in mind that there’s a strong possibility it sees a test of its all-time highs if it can flip $1,250 into assistance.

Ethereum Consolidates Alongside Crypto Market as Momentum Stalls

At the time of composing, Ethereum is trading down marginally at its present price of $1,230, which is around where it has been trading throughout the previous number of days.

The crypto made an effort to break above $1,300 simply a number of days earlier, however the selling pressure here was rather extreme and triggered a rejection.

Where it trends in the mid-term ought to depend mostly on whether or not bulls can continue forming a strong base of support in between $1,200 and $1,230. Holding above this level could cause considerable upside.

Expert Claims ETH Could Rally Higher if It Flips $1,250 to Support

One analyst described in a recent tweet that he is closely expecting Ethereum to turn $1,250 into assistance prior to it can see any substantial near-term benefit.

He keeps in mind that a break above this level could result in a test of all-time highs which bulls need to prevent a break listed below $1,170.

“& ldquo; ETH/ USD: Currently my thoughts on ETH at the minute in regards to lower timeframe momentum. I will get a newsletter out later today going into more information and what to expect with PA. The best long R: R right now is PA turning $1250 into assistance, seeking to remain above $1170.”


& rdquo; Image Courtesy of Cactus. Source: ETHUSD on TradingView.

Ethereum is presently trading at an essential point. How it continues reacting to the crucial levels just above and listed below its existing cost must offer some significant insights into its mid-term outlook.

Featured image from Unsplash.
Charts from TradingView.