Ethereum Just Broke a Multi-Year Accumulation Range; $350 May Be Imminent

Ethereum incurred a strong impulse higher yesterday that allowed it to shatter through the upper boundary of its macro trading range between $230 and $250.

This allowed the cryptocurrency to completely alter its technical trajectory, as analysts are now noting that it could be poised to push significantly higher in the days and weeks ahead.

It is also important to note that the strength of this movement even created a tailwind that lifted Bitcoin higher, as the benchmark cryptocurrency closely followed ETH.

Analysts are now noting that this latest move also marked a break above a multi-year accumulation range that it has been trapped within.

This could be enough to catalyze a far-reaching uptrend in the weeks and months ahead, which could be fueled by further sell-side liquidations.

As for how high Ethereum might go, one fund manager is setting his sights on a movement up towards $360. He also notes that it may reach this level incredibly quickly.

Ethereum Rallies Towards $270 as Bulls Take Control 

At the time of writing, Ethereum is trading up marginally at its current price of $264. The cryptocurrency ran as high as $270 yesterday afternoon before it met some significant resistance.

It once again retested this level just a few hours ago, but it did face a swift rejection here.

This indicates that $270 is the key resistance that buyers must surmount if they want to catalyze any further momentum in the days and weeks ahead.

Because ETH is closely correlated to Bitcoin, whether or not the benchmark cryptocurrency can surmount its resistance above $9,500 could prove to be highly influential for Ethereum’s next movement.

While speaking about the significance of this latest upswing, one analyst explained that ETH has now broken above multiple key levels and just formed its first higher-high since the March decline.

“1 Year downtrend has been broken. A HH since the March Black swan confirmed. Leaving a 1 year accumulation range on ETH/BTC pair dating 378 days.”

Ethereum

Image Courtesy of Pentoshi. Chart via TradingView.

Fund Manager: ETH is Poised to See a Swift Rally to $350

As for how high these technical breakouts could lead the cryptocurrency, one fund manager is setting his sights on $350.

In a tweet, he points to the crypto’s break above its prolonged trading range, referencing a chart showing that previous trading range breakouts have led ETH to see some notable upside.

“Two months of sellers reeeeeevaluating their life choices now. 360 ETH will be fast,” he said in jest while offering the below chart.

Image Courtesy of Mohit Sorout. Chart via TradingView.

How Ethereum trends in the days ahead should provide insight into its mid-term outlook.

Featured image from Unplash.
Charts and pricing data via TradingView.

Source: https://www.newsbtc.com/2020/07/23/ethereum-just-broke-a-multi-year-range/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-just-broke-a-multi-year-range

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