- Ethereum has seen some mixed price action as of late, with the cryptocurrency mainly taking its cues from Bitcoin
- This has caused it to struggle to gain any serious momentum, with its price being stuck within the mid-$1,200 region throughout the past few days
- The selling pressure at $1,300 has catalyzed a strong rejection in the past, confirming this level as resistance
- Where it trends next will undoubtedly depend largely on ETH and whether or not the entire market can gain any momentum in the near-term
- One analyst is noting that Ethereum could be on the cusp of seeing a massive move higher once it can flip one key level into support
The selling pressure seen each time ETH ventures into the mid-$1,200 region is quite intense and may indicate that further downside is imminent in the near-term.
One analyst is still incredibly bullish on the crypto, however, noting that there’s a strong possibility it sees a test of its all-time highs if it can flip $1,250 into support.
Ethereum Consolidates Alongside Crypto Market as Momentum Stalls
At the time of writing, Ethereum is trading down marginally at its current price of $1,230, which is around where it has been trading throughout the past couple of days.
The crypto made an attempt to break above $1,300 just a couple of days ago, but the selling pressure here was quite intense and sparked a rejection.
Where it trends in the mid-term should depend largely on whether or not bulls can continue forming a strong base of support between $1,200 and $1,230. Holding above this level could lead to significant upside.
Analyst Claims ETH Could Rally Higher if It Flips $1,250 to Support
He notes that a break above this level could lead to a test of all-time highs and that bulls must defend against a break below $1,170.
“ETH / USD: Currently my thoughts on ETH at the moment in terms of lower timeframe momentum. I will get a newsletter out later today going into more detail and what to expect with PA. The best long R:R right now is PA flipping $1250 into support, looking to remain above $1170.”
Image Courtesy of Cactus. Source: ETHUSD on TradingView.
Ethereum is currently trading at a pivotal point. How it continues reacting to the key levels just above and below its current price should provide some significant insights into its mid-term outlook.
Featured image from Unsplash. Charts from TradingView.