- Ethereum’s price has been closely tracking that of Bitcoin throughout the past few days, but this trend has shown some signs of breaking today
- While Bitcoin is pushing past its key resistance within the lower-$1,000 region, ETH is still stuck below its $360 resistance level
- If it is able to break these levels, it will then face a significant hurdle between $380 and $400
- A continued inability to break above this level could do some serious damage to its mid-term market structure
- One analyst has highlighted all the key resistance levels that bulls must break if they want to spark some serious upside
Bitcoin has been providing firm guidance to the entire crypto market throughout the past few days and weeks, with Ethereum’s price action moving in lockstep with that of BTC.
Although ETH has been underperforming BTC slightly today, the cryptocurrency still seems well-positioned to rally higher.
If Bitcoin breaks its heavy resistance in the lower-$11,000 region, ETH may follow suit and shatter the selling pressure at $360.
A break above this level could lead it to see serious upside in the days ahead.
One analyst believes that it will see consolidation above $355 prior to making any notable move higher.
Ethereum Rallies to $360 as Crypto Market Shows Signs of Strength
Bitcoin has breathed life back into the crypto market, with its latest push higher allowing altcoins to recover some of their recent losses.
At the time of writing, Ethereum is trading up just over 2% at its current price of $359. This marks a notable surge from its recent lows of $335 that were set just a couple of days ago.
The ongoing upswing in the market has come about due to news of companies like Square and MicroStrategy accumulating massive amounts of BTC to hold on their balance sheet as a reserve asset.
Square’s announcement yesterday seems to have been the catalyst for this move, and it may allow for further upside in the days ahead.
Here are the Key Levels ETH Needs to Surmount
While speaking about Ethereum’s present outlook, one analyst stated that $361 and $373 are the key levels to watch in the near-term.
“ETH: Had to remove all drawings and get a fresh look. Close above 361~ should take us to 373. Close above 373~ should take us to 392. Looks like we may consolidate around 355~ before making the next decision.”
Image Courtesy of Chase_NL. Chart via TradingView.
How Bitcoin and Ethereum trend in the coming few days will be vital for understanding their near-term outlooks.
Featured image from Unsplash. Charts from TradingView.
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Author: Cole Petersen