Over the past days, Ethereum, along with other major altcoins, got significant uptrend. ETC slightly underperformed Bitcoin and was able to reclaim a positive value within the $130 range. Not only that, but it also displays thriving signs of bullishness.
Market analysts noted that Ethereum has the potential of continuing the surge until reaching the $160 region. On the other hand, it’s nice to be aware that there are several factors that can hamper the ETH’s mid-term price action.
Can Ethereum Extend Its Gains?
Currently, ETH gains a bullish momentum more than the $145 resistance over the USD. Many people expect ETH to surge above the $148 to $150 resistance level.
Due to the fresh increase in BTC price, making it above the resistance levels of $8,250 and $8,400, ETC was able to climb above the resistance level of $145 versus USD. Besides, the price of Ethereum is set to more than the $145-level, while the 100 hourly moves about the average. In fact, it traded into a new weekly-high, where it spiked more than the $148-level.
However, despite the break above the major triangle resistance that is near to $146 during the ETH/USD hourly chart, the bulls still struggle in gaining strength more than the $148 or $150 resistance level.
The Bulls Is Taking Control the Crypto Space, and ETH Climbs 5%
During the first week of 2020, ETH trades more than 5%, $134.20 being the current price. This suggests a notable climb from the daily lows of $127 along with a drop of BTC to lows of $6,800.
But the recent bullishness suggests that buyers can expect a further uptrend in the near-term.
Twitter-based crypto analyst Smokey noted that the price action of ETH is generally bearish. This means that Ethereum can possibly drip back towards the multi-lows of $120.
The Twitter post of Smokey states, “$ETH/USD: Hard to be bullish on ETH with Bitcoin falling below the midrange. Daily and 12h are fully bearish, and just got joined by the 4h with a bearish Kumo Twist and TK Cross. Like Bitcoin, showing a Div on the 4h, expecting a bounce soon.”
Ethereum’s Momentum $160, How Possible?
Despite the bear-favoring factors, other crypto analysts believe that ETH can continue to surge until reaching the $160 region. That way, it can meet enough the selling pressure, which will result to halting of ongoing rally.
Crypto trader and analyst Mayne gave an opinion about Smokey’s tweet. He explained that he is expecting Ethereum to outperform BTC in the near-term. According to his tweet, “I’m flat on $BTC, still long, $ETH, got stopped on a long at $6.9, had orders at the breaker but pulled it. Most of my feed is fading this move fwiw. I don’t like trading at the range EQ. I prefer to short when we are in a premium and long at a discount.”