Although Bitcoin normally leads the crypto market, Ethereum has outperformed almost all other digital assets over the past few days. As of the time of this article’s writing, the cryptocurrency trades at $182, up 7% in the past 24 hours and up 24% since the lows of the week near $147.
From the bottom seen during the “Black Friday” crash, the cryptocurrency is up well over 100% — outperforming a majority of multi-billion-dollar assets, even those that were bailed out by the world’s governments.
Despite this decisively strong price action, an analyst is not yet convinced Ethereum bulls are home free, so to say, remarking that a key level needs to be breached for a trend reversal to be confirmed.
Ethereum Still Below Key Technical Level
An impressive rally, sure, but a crypto trader known as Calmly isn’t too sure that a bullish medium-term future for Ethereum is certain after the recent rally.
Backing his cautious sentiment, he shared the below image on April 18th, indicating that he thinks a weekly close above $190 “would make [him] feel confident that this is bullish price action and not just a bear market re-test.”
The chart specifies that historically, $180-$190 has been a crucial zone for Ethereum, with it acting as a launchpad for rallies. Furthermore, the cryptocurrency has often tested the zone as resistance on multiple occasions.
Analysts Eye Breakout
Although $190 is still a 5% rally away, leading analysts expect for the cryptocurrency to start attempting to break past the region.
Prominent trader Hsaka remarked that the ongoing price action has allowed Ethereum to break a “pivotal zone,” which suggests that the cryptocurrency will see “substantial” bullish follow-through towards $200.
Corroborating this, another trader with the moniker of HornHairs explained that he thinks ETH may be in the midst of a “full retrace” of the bear market, which…