Ethereum struggled to break above $ 600 throughout the day, with selling pressures proving to be significant.
Any break above this level has resulted in a surge in pressure that has slowed its growth and resulted in slight rejections at this level.
It is important to note that bulls are still in control of the aggregated market and the increasing momentum of Ethereum is unlikely to end anytime soon while Bitcoin and the entire altcoin market are firmly in the control of buyers.
A trader notes that $ 600 is the last major resistance level up to $ 800, with any continued break above that level will likely cause ETH to see gains of 30% or more in the coming days and weeks.
This would allow the cryptocurrency to completely reverse its trend of underperforming Bitcoin that has plagued the ETH / BTC pair for the past few weeks.
This could also fuel the second wave of DeFi hype that has been driving this market fragment up in the last few days and weeks.
Ethereum is struggling to break the final level of key resistance
Ethereum is about to break its last major resistance level with the selling pressure of $ 600 turning out to be quite significant.
At the time of writing, ETH is trading just under 6% at its current price of $ 590. Multiple attempts have been made to break above $ 600, each one leading to a serious influx of selling pressure.
If it rejects this level there could be an extended period of consolidation before it can move higher.
Selling pressures here could further hamper Ethereum price action in the short term, but once it’s destroyed, crypto could see its next leg higher.
Analyst: ETH is not exposed to intense resistance up to $ 800
One analyst shared his thoughts on where Ethereum could head in the short term explained Once $ 600 is broken, there is virtually no resistance until $ 800.
“I repeat, there is no resistance at ETH from here up to $ 800, literally nothing, that’s all.”
Image Courtesy of @Smartcontracter. Source: ETHUSD on TradingView.
The coming days should give some serious insight into where the aggregate market will perform next.
If Ethereum can hit a high timeframe just above $ 600, it could see immense momentum and extend its ongoing parabolic rally.
Featured image from Unsplash. Charts from TradingView.