Data Shows Massive Ethereum Support Could Catalyze an Intense Rally
Summary
Ethereum has been frontrunning the aggregated crypto markets over the past several days and weeks, with last week’s rise above ETH’s resistance at $200 offering investors a hint that Bitcoin would subsequently be able to break through its key resistance at $10,000. At the time of writing, Ethereum is trading down just over 2% at its current price of $221, which marks a notable decline from its daily highs of just over $230 that were set yesterday. It is important to note that the meteoric rise that sent ETH from lows of $185 to its recent highs occurred mostly over a three-day period, with its uptrend transforming into a bout of sideways trading once it reached roughly $220. Luke Martin, a prominent cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that ETH was able to post a breakout on its weekly chart, suggesting that a defense of $220 could mean further upside is imminent. If the aforementioned region continues to hold as strong support, it is highly probable that Ethereum will be able to further extend its recently incurred uptrend.