), the bullseye resistance to Ether is at $3K
The cryptocurrency market continues to experience sideways price movement. Bitcoin ( BTC) still holds support at $41,000. However, some analysts fear that rising interest rates and high inflation could cause the top cryptocurrency to fall to $30,000.
The altcoin front, Ether ETH appears to be showing signs of life, as noted by Willy Woo, cryptocurrency analyst. He recently tweeted “Ether [is] set up to break upwards from a very long-term, 3.5-month bearish tendency line.”
Cointelegraph Markets Pro data shows that the price of Ethereum is trading above support at $2900. Bulls are looking to break the $3,000 resistance, after having been firmly rejected at this level in the past few days.
Here are the views of several analysts on ETH’s near term outlook. Also, what levels should you be watching in case the price falls lower or rises.
ETH must break through resistance at $3,000
Crypto trader and pseudonymous user Twitter “Rager” highlighted the coiling nature the Ether price action and shared the following chart. He noted that “Ether continues its slow compression with lower-highs.”
Rager tweeted, “Currently watching to determine if price can push up to $3000. Would like to see that be the first level to remain above.”
Crypto trader and pseudonymous Twitter User “Cactus” shared a similar outlook. The following chart was posted by Cactus, who noted the importance of a price break above the “key trendline”, at $2860, and suggested a possible price trajectory.
“Price looks healthy, nice pullback to this 0.618 fib support and LTF buyers buying into it. This could range for a while. All eyes are on breaking this key resistance at 3000.
Lower support at $2,800
Market analyst MIichael van de Poppe (Cointelegraph contributor) provided further insight into price action at these levels. He posted this chart: “Good bounce on Ethereum here. This makes it probable that we’re going the highs around $3,000.
Van de Poppe warned that this proclamation would be followed by caution. He said, “The question will be how strong are we going to move from here.”
Van de Poppe stated, “Immediate rejection is necessary and we are at the tops of this relief rally.”
Van de Poppe identified $2800 as the next critical support level for Ether, should this be the true top of the relief rally.
Related: Bitcoin could easily reach $30K with stocks due to 30% drawdown by 2022 — Analyst
BTC gains strength as Ether gains strength
Trader and pseudonymous Twitter User “Cantering” provided a final insight into Ether’s performance against Bitcoin. He published this chart that showed a rise of the ETH/BTC pair. It also highlighted the impact of the upcoming merger between the Ethereum mainnet (and the Beacon Chain proof of-of-stake) system.
Clark Cantering said:
All signs point to ETHBTC’s strength. The most important detail is that the narrative is growing. A date is not as important as an exact date.
The total cryptocurrency market is now worth $1.867 trillion. Bitcoin’s dominance rate at 41.7%.
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.