Ethereum is now one of the only major altcoins that has clear upwards momentum, as both Bitcoin and XRP have been stuck below firm resistance levels over the past couple of weeks.
This latest ETH rally came about rather unexpectedly, with the cryptocurrency’s price slowly pushing up against $400 before breaking out.
The momentum incurred at this point was significant and appears to be emblematic of the strength of Ethereum’s macro uptrend.
As for where it may trend next, analysts are watching to see how it reacts to a rapidly emerging bull flag.
That being said, for it to see further gains, bulls must defend its $430 support level.
Ethereum Forms Bull Flag Following Intense Rally to $450
At the time of writing, Ethereum is trading down just over 1% at its current price of $432. This is around the price at which the cryptocurrency has been trading for the past day.
One result of this recent price action has been the emergence of a bull flag that the cryptocurrency has been forming over the past day, although it has yet to post any type of clear resolution to this pattern.
Image Courtesy of Chase_NL. Chart via TradingView.
Here’s the Crucial Level ETH Needs to Defend to See Further Upside
For Ethereum to see further near-term upside, it is imperative that its buyers ardently defend $430. If this level is lost, the crypto may be prone to seeing significant downside.
While speaking about this, one analyst explained that it is vital it pumps before breaking below this level.
Image Courtesy of Teddy. Chart via TradingView.
In order for Ethereum to sustain its newfound momentum, it may need Bitcoin to follow its lead and break above $12,000 – providing the entire market with a boost.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/2Y3Fljv
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