Ethereum and the wider cryptocurrency market have seen mixed price action over the past few days and weeks.
Ethereum Price Rising
Despite the selling pressure at $ 1,200, ETH surpassed all odds and rose above an all-time high of $ 1,423.38 from $ 1,423. At the time of writing, the coin is trading at $ 1,345.23 and is trying to keep its domain around $ 1,400.
Ethereum has outperformed Bitcoin in the last 5-6 sessions, starting a sharp increase above the $ 1,200 zone. The price of the leading altcoin has crossed a significant hurdle around $ 1,245 and $ 1,250 to move further into the bullish zone.
The bulls struggled to maintain the uptrend, causing a rise above the $ 1,280 resistance.
Initially, there was a break above a narrowing triangle with resistance near $ 1,245 on the hourly chart of ETH / USD. Ethereum’s price has now risen over 10% and is trading well above the 100 hourly moving average.
While ETH was previously set to establish a maximum level around $ 1,346, the price continued to consolidate gains.
On the upside, the $ 1345 and $ 1350 levels were the first hurdles. A sharp break above the $ 1,350 level opened the door for rapid progress. In this case, the price of Ethereum exceeded $ 1400 and $ 1420 and went beyond before the minor correction. As a result, the next major resistance is near the $ 1500 level.
Analyst claims ETH may rise higher
In a recent tweet, an analyst stated that he was watching Ethereum closely for $ 1,250 support before seeing significant short-term growth.
He stated that a break above this level could lead to an all-time test, and the bulls should survive a break below $ 1170.
Ethereum is currently trading at key points. The way it continues to respond to key levels just above and below the current price will provide some vital information in the medium term.