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Ethereum Price in the Decisive Phase, A Major Breakout is Mandatory!

Highlights

    Ethereum bull rally slows down as Bitcoin swings above $35,000 forming new all-time high.

    The price is in a decisive phase where-in a positive breakout is the need of the hour to continue the uptrend

Watch and Wait for the next Candle

Ethereum bullish trend spiked the ETH price to the highest ever levels at the beginning of 2021 above $1000. The ethereum was expected to follow the bitcoin bull rally and hit the target above the precious ATH at $1432. But woefully, as the asset price reached its peak, the selling pressure pulled down the price and low trading volume retained the price above $1000.

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Currently, ETH price is trending within a triangle where-in a positive breakout is mandatory to maintain the uptrend. Therefore, the upcoming candle is very crucial which will decide the further movement of the digital asset. 

At the time of writing, the ETH price is $1118.8 with a jump of 7.25 percent in the last 24 hours. However, the resistance is currently at $1238, after breaking, the path to forming new ATH becomes very clear. 

On the contrary, the support levels initially are at $1065 and if it the price breaks down further, strong support levels are formed at $1000 and holding above these levels is inevitable.

ETH Price Could Fly high

Bitcoin price has however smashed its previous ATH and forming new one every single day, but ETH price is still 22.95% less than it’s all-time high. The recent bull run also could not rally the price above the ATH at $1432. Nevertheless, the ETH bull rally might have slowed down but does not appear to have halted.

One of the popular on-chain analysis platform Santiment has said that the Ethereum price is in a good place as it has jumped back over $1100 for the third time in three days. And also the address activity and network growth are also indicating a good position for the world number 2 digital asset.

Moreover, the searches for Ethereum on google trends have spiked in recent times which points out the more and more interest flowing out from the retail investors or traders. Therefore, the current lowered pace is just a temporary movement, a large rally however is imminent.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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