Ethereum has exploded higher since the daily lows, rising from the USD 515-520 region to highs near USD 580. The coin has fallen slightly to $ 565 since the weekly candlelight closed.
Analysts assume that ETH will continue to grow in the coming days and weeks. There are a number of technical and fundamental trends that will keep the coin going even higher, including the impending introduction of ETH2, the growth of the Decentralized Finance Room (DeFi), and the simple fact that from here there is little technical resistance to 700 USD exists.
Bitcoin’s outlook should also be somewhat optimistic. While some are starting to worry about BTC’s specs, there are basic signs that the leading cryptocurrency will continue its rise. Another bitcoin price strength should bode well for Ethereum and other altcoins, although it is currently unclear which coin will outperform the other.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be At The Bottom
Ethereum is set to break out higher, analyst says
Analysts expect Ethereum to explode even higher as it breaks out of a macro area and previous macro resistances for the first time since 2018. Referring to the following graph depicting this breakout and ETH macro price action, a trader recently said:
$ ETH / USD This is such a bullish daily close, if the weekly ends here (which I think it will) the next resistance is $ 750 … How can you not be bullish now with a quarter of a million ETH locked up? more than one year…
Chart of ETH's price action over the past few years with an analysis by the crypto trader The Crypto Cactus (@TheCryptoCactus on Twitter). Source; ETHUSD from TradingView.com
Related reading: Tyler Winklevoss: A “tsunami” of capital is coming for Bitcoin
Sell pressure ahead
While Ethereum’s long-term prospects look much better than it was weeks ago,
A trader recently shared the chart below, which shows the top exchanges’ order books for Ethereum. Apparently there is a lot of selling pressure on the coin.
“There is serious market buying going on, but the ask page is stacked. I don’t expect us to break 600 today, ”the analyst said referring to the data below.
Data of ETH's order books from crypto trader Byzantine General (Byzgen on Twitter).
At the same time, however, analysts see strong price movements on the spot market for Ethereum.
Related Topics: 3 Bitcoin On Chain Trends Show A Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Analysts Think Ethereum Will Shoot Toward $700 as Key Resistances Break