Ethereum has seen a slight upswing overnight that has allowed it to navigate into the $160 region following a period of overt weakness seen throughout the past couple of days. This slight rise has come about concurrently with that seen by Bitcoin and most other altcoins.
Analysts are now noting that ETH is in the process of attempting to shatter a bearish trendline that has been suppressing its price action, with a clean break above this level potentially catalyzing some notable upwards momentum.
This also comes as the cryptocurrency hovers above an intense support level that could provide investors with a “killer long” opportunity.
Ethereum Pushes Past $160 as Key Bearish Trendline Fast Approaches
At the time of writing, Ethereum is trading up just over 2% at its current price of $161, which marks a notable upswing from daily lows of $155 that were set yesterday while the crypto ranged between $155 and $160.
ETH’s break above the upper boundary of this trading range has come in tandem with Bitcoin’s ongoing attempt to move above $7,000, with the benchmark cryptocurrency finding some resistance at this level.
While looking towards Ethereum’s Bitcoin trading pair, it does appear that it is fast approaching a key bearish trendline that has been suppressing its price action in recent times.
Tyler Coates, a popular crypto trader, spoke about this level in a recent tweet, noting that even if it does break above this level it still faces multiple strong horizontal resistance levels.
“ETH/BTC is trying to breakthrough a multi year bear trendline. However there is still major horizontal resistance above and horizontals are > trendlines,” he noted.
$ETHBTC is trying to breakthrough a multi year bear trendline. However there is still major horizontal resistance above and horizontals are > trendlines. pic.twitter.com/WKMVfkxPcM
— Tyler D. Coates (@Sawcruhteez) April 12, 2020
ETH Could Soon Provide Investors with a Killer Long Opportunity
Another popular cryptocurrency analyst recently mused another bullish possibility for Ethereum, explaining that a further decline towards $140 could provide investors with an ideal opportunity to long the crypto.
“Whether my bias is bearish or not, if ETH drops into $145 you can believe that I’ll be longing…it. If there was ever an opportunity to bag a killer long it would be there. If there was ever an opportunity to short, it will be a failure to hold there. Easy.”
Image Courtesy of Cold Blooded Shiller
If Ethereum’s potentially imminent break above the bearish trendline it is currently facing does provide it with enough momentum to climb higher, it is possible that it will invalidate the horizontal resistance levels that it is currently facing.
A rejection here, however, could lead ETH down to $140, which may be the point at which it posts a swift recovery.
Featured image from Unsplash.