Ethereum is at a Pivotal Point; Here are the Key Levels to Watch

  • Ethereum’s price has remained stagnant as the cryptocurrency trades at the lower end of its key resistance region between $380 and $400
  • The cryptocurrency has been unable to garner any sustainable buying pressure as it trades around this price region
  • It does appear that ETH is waiting for guidance from Bitcoin before it makes a big move, and BTC is currently caught within a consolidation phase as it struggles to surmount the lower-$11,000 region
  • One trader does believe that ETH is at a pivotal point, as its reaction to a few key horizontal and technical resistance levels could determine its future in the days and weeks ahead

Ethereum and most other altcoins have been largely trading sideways throughout the past several days and weeks, being unable to garner any clear momentum as all eyes watch to see where Bitcoin will trend next.

While speaking about the cryptocurrency’s near-term outlook, one analyst emphasized that it is at a decision point, as its reaction to a few key resistance levels should determine its near-term fate.

How To Get Free Crypto  

These levels sit just above where it is currently trading at, and there’s a strong possibility they will be visited if Bitcoin breaks above the lower-$11,000 region and creates a tailwind for the entire market.

Ethereum Struggles to Gain Momentum as All Eyes Watch Bitcoin

At the time of writing, Ethereum is trading up marginally at its current price of $385. This is around the price at which the crypto has been trading at throughout the past several days.

ETH’s ongoing consolidation phase has done little to offer insights into its mid-term outlook, although its recent break above $380 was a positive technical development.

For this to translate into further strength, it is imperative that it closes its weekly candle above this level and sees an extension of its momentum throughout the week ahead.

Coinbase Banner  

Analyst: ETH is Reaching a Pivotal Point 

One analyst explained that Ethereum is rapidly approaching a pivotal point that will have major implications for its future.

He specifically is pointing towards the resistance at $391 and ETH’s 50-day moving average as two levels that are crucial for bulls to break.

“ETH, $391.22 & Daily MA50 are key levels. If you are Bear here is a good level to short, if you’re a Bull you want to see PA close above outlined resistance.”

Image Courtesy of Wolf. Chart via TradingView.

How Bitcoin trends as it sits between $11,000 and $11,300 will likely have serious implications for Ethereum and other major altcoins.

Featured image from Unsplash.
Charts from TradingView.

Go to Source
Author: Cole Petersen

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.