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- Ethereum has shown some immense signs of strength in the past few days, starting to gain ground against Bitcoin
- Much of this strength came from the cryptocurrency’s push above $ 500 earlier this week
- Since then, he has grown strong and is now positioned to make a move higher
- An analyst is observing that it is currently approaching the last key resistance level before it reaches significantly higher price levels
- Specifically, he is waiting for a move to $ 700. A move to this level would allow him to see significantly further gains
Ethereum and the entire cryptocurrency market have been targeted by an intense bullish trend over the past few days and weeks, with buyers fully controlling its price action while aiming for higher highs.
ETH is now trading at the highest price levels since it first plummeted in 2017, with the bulls sending it up to $ 550 overnight.
There has been intense resistance at this price level which has slowed its rise and caused a short-lived selloff.
A trader is now observing that overcoming this resistance could open the door for a move to $ 710 in the near term.
Ethereum shows immense signs of strength as analysts look to higher prices
At the time of writing, Ethereum is trading up just under 6% at its current price of $ 540.
This is the highest price the cryptocurrency has seen since it first plunged from its high of $ 1,000 + set in late 2017.
It is facing strong resistance around $ 550, and whether or not it can break out of this level should shed some light on its medium-term outlook.
Analyst: ETH is poised to hit $ 710 if it can pass a key level
A popular cryptocurrency analyst explained in a recent tweet that a combination of pushing against a key support level and having neutral funding indicates that a serious upside could be imminent in the near term.
“These are your resistance levels for ETH. Funding is back to neutral … What does it tell you?”
Image Courtesy of NekoZ. Source: ETHUSD on TradingView.
The next few days should provide in-depth information on where Ethereum and the rest of the cryptocurrency market will go in the near term.
If Bitcoin remains stable below $ 19,000, or exceeds this level, it could allow Ethereum to move higher with it in tandem.
Featured image from Unsplash. Charts from TradingView.
