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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum’s Weekly Close Above $275 Has Analysts Over the Moon

Nick Chong
Nick Chong
5 years ago
2 mins read

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As Bitcoin has shot higher in the past few hours, so too has Ethereum. The market leader tapping $10,000 was accompanied by ETH passing $275, reaching as high as $278 just minutes ago.

While this sudden jump higher, which comes after the altcoin flatlined around $270 for most of Sunday, has yet to be sustained, analysts are saying the cryptocurrency is cleared to register even greater games in the coming days for a confluence of reasons.

Ethereum Technical Outlook Is Extremely Bullish, Analysts Say

Earlier today, NewsBTC reported on an analysis of the one-week ETH chart by Teddy, a popular trader. 

In the pertinent analysis, the commentator wrote that Ethereum’s weekly candle closing above $275 — a level which has acted as short-term resistance and support over the past two weeks or so — will make the asset “beyond bullish”:

“ETH: Weekly close above 275 beyond bullish. Anything below I see it as a rejection from a key resistance.”

https://twitter.com/TeddyCleps/status/1231532750643105794

Just minutes ago, the asset closed above this level ($276, to be exact), marking a higher high. Teddy did not allude to what he expects for the cryptocurrency to do after it makes a close above this level, though other analysts are expecting more upside.

From an extremely short-term perspective, analyst Cactus published the below chart and an accompanying message. In that message, the trader wrote that a weekly close above $267 is extremely positive, adding that such a close is likely to send Ethereum towards $290 in the coming days.

Indeed, RookieXBT recently remarked that Ethereum’s six-hour chart is showing a number of positive signs: 

  • ETH is currently printing an “ascending triangle structure,” marked by a number of tests of a horizontal resistance level and slowly-trending-higher prices. Ascending triangles most often break upwards.
  • The six-hour Relative Strength Index (RSI), a measure of the magnitude of price action, is creating a falling wedge structure. Falling wedges normally break upward.
  • There are hidden bullish divergences forming between the price of Bitcoin, which has been registering a series of higher lows, and the RSI, which continues to make lower lows. This suggests a breakout of the RSI wedge may come shortly, which should send Ethereum above the triangle that has constricted upward price action.
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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The highest standards in reporting and publishing
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