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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Just Broke a Key Technical Level, Opening the Gates for an Explosive Rally

Cole Petersen
Cole Petersen
5 years ago
2 mins read
Bitcoin

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Bitcoin saw a sharp upwards movement earlier today that allowed the cryptocurrency to surge as high as $6,900, with this rally leading major altcoins like Ethereum to follow suit and further extend the momentum that was first incurred early yesterday.

Analysts are now noting that today’s rally allowed ETH to break above a key technical resistance level that was previously hampering its price action.

This break could prove to be highly bullish for the crypto in the near-term, potentially allowing it to rally towards $180 in the days ahead.

Ethereum Rallies Alongside Bitcoin and Most Other Altcoins

At the time of writing, Ethereum is trading up just under 5% at its current price of $138, which marks a notable climb from daily lows of $130 that were set yesterday.

It is important to note that ETH raced as high as $150 today before losing its steam and retracing back towards its current price levels, although it still appears to be bullish from a technical perspective.

Michaël van de Poppe – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that the key near-term resistance Ethereum needs to surmount if it wants to continue climbing higher sits between roughly $152 and $153.

“Ethereum: Got there and rejected. Wonderful. If we clear $152-153 area, I assume we’ll rally towards $185-195. However, after such a rally I think it’s more likely to see retests of $120-125 before continuation,” he noted.

$ETH #ETHEREUM

Got there and rejected. Wonderful.

If we clear $152-153 area, I assume we'll rally towards $185-195.

However, after such a rally I think it's more likely to see retests of $120-125 before continuation. pic.twitter.com/9KcuBh0tPs

— Michaël van de Poppe (@CryptoMichNL) March 20, 2020

Although it is a possibility that ETH will decline further before garnering enough support to rally past $150, it still appears to be bullish over a mid-term time frame.

ETH’s Break of This Key Technical Level to Bolster Its Price Action 

Although the crypto faced a rejection at its key resistance earlier today, it is important to keep in mind that it was able to invalidate the bearish double top that it was previously forming.

This has led Big Cheds, another popular crypto analyst, to explain that he is now targeting a movement up towards its 200-day moving average in the near-term, which currently sits at around $179.

“Ethereum daily – Broke its double top overnight, target MA 200, roughly $179,” he noted.

$ETH #Ethereum daily – Broke its double top over night, target MA 200, roughly $179 pic.twitter.com/Mb0m4RAbL9

— Cheds (Trading Quotes) (@BigCheds) March 20, 2020

The hours ahead should elucidate whether or not today’s upswing will drastically alter Ethereum’s mid-term outlook, but it is appearing to be increasingly likely that the crypto will soon rally higher.

Featured image from Shutterstock.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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