Ethereum is beginning to flash some signs of strength as it pushes up against the upper boundary of its long-established trading range between $230 and $250.
If it can surmount the resistance it is currently facing, it is a strong possibility that it will soon set fresh post-March highs.
Analysts are growing increasingly optimistic regarding the cryptocurrency’s near-term outlook. One is even going so far as to note that it is currently embarking on a “moon mission” due to it forming an incredibly bullish market structure.
As for where this market structure could lead ETH in the near-term, analysts are noting that $290 is a reasonable next target.
This happens to coincide with the crypto’s 2020 highs that were set in February.
For this bullish path forward to come to fruition, it must close the day above $248.
Ethereum Rallies to the Top of Its Multi-Month Trading Range
At the time of writing, Ethereum is trading up 3% at its current price of $246. The cryptocurrency is beginning to flash some significant signs of strength as it outperforms Bitcoin and many of its peers.
While BTC remains squarely in the middle of its multi-month consolidation channel between $9,000 and $10,000, ETH is currently pushing up against the upper boundary of its range – which was formed in early-May.
If it can break above $250 and set fresh post-March highs of over $255, the token could then set its sights on $290.
One analyst spoke about this possibility in a recent tweet, explaining that a firm break above $250 is all that is needed for it to start journeying up towards its YTD highs.
Image Courtesy of Cryptorangutang. Chart via TradingView.
Another analyst echoed this bullish sentiment, explaining that he believes the cryptocurrency is currently on a “moon mission” that will result in it seeing significantly further upside in the days and weeks ahead.
ETH Needs to Close Above $248 to Maintain Its Momentum
In the near-term, it appears that a robust four-hour candle close above $248 is imperative in order for Ethereum to continue climbing higher in the days and weeks ahead.
While looking at the chart below, there have been multiple occasions over the past few weeks where the crypto was rejected at this level.
Chart via TradingView.
If it is able to close above the level – especially on its daily chart – it is a strong possibility that Ethereum will soon make a bid at $290. How it reacts to this level could offer significant insights into its mid-term outlook.
A firm break above it could trigger a parabolic advance higher.
Featured image from Shutterstock. Charts from TradingView.
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