Recently Ehtereum has witnessed a slight change that has enabled users to navigate into the $160 region. It is following a particular period of overt weakness over the past couple of days. This rise has been measured concurrently with the presence of Bitcoin and other altcoins.
Analysts are addressing that ETH is the only process to attempt to shatter a bearish trend line that has been suppressing price action with a clean break catalyzing some notable upwards momentum.
Ethereum is trading over 2% up at the price of $161, which accounts for an upswing from daily lows of $155 that was set yesterday when the crypto range reached $155 and $160.
ETHA accounted for the upper boundary of the trading range. It has come up with a tandem with Bitcoin’s attempt to move the price above $7,000. Looping onto Ethereum’s Bitcoin trading pair, it seems that it is fast approaching a bearish trendline that has been suppressing its price action in recent times.
Tyler Coates, a crypto trader confirmed that he is addressing whether the break would go above the level or will still face multiple resistance levels. Analysts state that his bias is bearish or not if ETH falls to $145 it is easy to predict that it will be long-term.
If Ethereum’s imminent break above the bearish trendline it is facing at the moment, it provides momentum to escalate at a higher rate.It is doable to invalidate the resistance levels that are currently being faced.
Bitcoin has recently raised the price of $7,000 in more than a comparison with previous week of this month.