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Ethereum may see intense rally after piercing this technical resistance
Ethereum (ETH) has seen some mixed price action over the past week, with the cryptocurrency previously finding some stability around $280 before plummeting below $250 in tandem with Bitcoin’s crash below $10,000.
In the time since this violent movement occurred, however, ETH’s bulls have been able to regain their strength, and they have been subsequently pushing the cryptocurrency higher.
Importantly, ETH’s recovery from its recent selloff has allowed it to break above a critical technical resistance formation that was previously suppressing its price, with this development suggesting it could soon rally significantly further.
Ethereum moves higher as the aggregated crypto market recovers from weekly lows
At the time of writing, Ethereum is trading up just under 5 percent at its current price of $267, which marks a notable climb from its multi-day lows of under $250.
The tempered uptrend that ETH has experienced in the time following its recent flash crash has also allowed it to outperform Bitcoin, as it is currently trading up 3.5 percent against its BTC trading pair.
In order for Ethereum to once again find itself caught within a tailwind that sends it past $300, it is imperative that the cryptocurrency is able to once again regain its position within the $280 region.
One factor that could suggest a move back up to this region is imminent is the possibility that it is currently trading within a wide bull flag, with its recent bounce at roughly $250 marking a defense of the lower boundary of this bullish formation.
The Crypto Dog, an incredibly popular cryptocurrency analyst and commentator, recently shared a chart showing this formation, questioning whether it is worth going long on Ethereum based on this pattern.
ETH highly bullish after moving above weekly Ichimoku cloud
The potential bull flag ETH is caught within isn’t the only factor counting in bulls favor, as the cryptocurrency has also been able to pierce its weekly Ichimoku cloud, which is a highly bullish mid-term development.
CryptoWolf – another popular crypto trader – spoke about this in a recent tweet, pointing to a chart showing the latest development.
“ETH trading above the weekly Ichimoku cloud. God bless Vitalik.”
In order for this bull-favoring development to be confirmed, it is imperative that bulls are able to hold the crypto above this level until its weekly candle closes this Sunday.
Ethereum, currently ranked #2 by market cap, is up 1.41% over the past 24 hours. ETH has a market cap of $28.81B with a 24 hour volume of $20.65B.
Chart by CryptoCompare
Posted In: Ethereum, Altcoins, Analysis, Price Watch