Ethereum is “Ready to Explode” Despite Nearing a Key Resistance Level

Bitcoin saw a notable upswing overnight, which led Ethereum and most other major altcoins to rise in tandem. This rally has pushed ETH up to a key resistance level that its buyers are currently attempting to surmount.

Analysts are now noting that the crypto could be positioned to see an explosive movement past this resistance, with a clean break above potentially allowing it to see some significant upside.

A rejection here, however, could lead the crypto to see a decline that leads it towards its range lows, with a decline past this level sparking a capitulatory selloff that leads ETH to revisit its recent lows.

Ethereum Inches Higher Alongside Bitcoin, But Approaches Key Resistance 

At the time of writing, Ethereum is trading up over 5% at its current price of $138, which marks a notable climb from daily lows within the lower-$100 region.

This latest upswing has come about in tandem with that seen by Bitcoin, which was able to rally from lows of roughly $6,000 to highs of roughly $6,800, where it was met with some resistance.

This latest rally has also pushed ETH up towards its resistance around $140, and George – a popular crypto trader – explained that he believes the cryptocurrency is positioned to see an explosive movement past this resistance.

“ETH Looks ready to explode… Dump from here and I got my eyes on mid range,” he said while referencing the below chart.

While looking at the above chart, it does appear that Ethereum is caught within a large trading range between $125 and $145, and which of these levels breaks first should offer analysts with significant insight into which direction it will trend in the mid-term.

Here’s How High ETH Could Rally if it Posts an Upside Break

As for how high an upside break could lead Ethereum, Josh Olszewicz – a popular crypto analyst – recently noted that he is closely…

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