Ethereum has entered another bout of sideways trading in the time following its recent rejection at $175, with ETH now establishing some significant support around the mid-$150 region, which is where it has been trading at for the past couple of days.
In the near-term, it does appear that Ethereum is currently trading just a hair above a key long-term support level, with its reaction to this setting the tone for which direction it will trend in the months ahead.
One prominent trader, however, doesn’t believe that this support will be broken below anytime soon, as he expects Ethereum’s current consolidation to result in a bullish breakout that leads it to rally nearly 60%.
Ethereum Enters Another Consolidation Phase Above Key Support
In the time following ETH’s rejection at $175, the cryptocurrency reeled as low as $155 before bouncing slightly and entering yet another consolidation phase.
It does appear the lower-$150 region is a key support level for Ethereum, as this has been the point at which ETH begins sharp declines when broken below and intense uptrends when broken above.
One popular ETH-focused analyst spoke about the importance of this trendline in a recent tweet, telling his followers that it is currently trading within a “battleground” zone that will determine its high-time-frame trend.
“ETH at the battleground of its HTF journey – retesting this region from the upside. Looking for it to hold as support for a continued push into $200. Lose it and it’ll be a short trigger,” he noted.
Analyst: ETH Poised to Rally Up Towards $200 After Extended Bout of Sideways Trading
Although the crypto does appear to be teetering just above a key support level, one prominent trader doesn’t think that it will be broken below, and that this…