Ethereum (ETH) has been trapped beneath its near-term resistance level at $190 for over a month and has shown few clear signs of gaining any notable momentum that will allow it to decisively propel past this level.
Analysts are now noting, however, that Ethereum may be nearing the apex of a bullish flag formation that could send its pricing surging higher in the near-term, meaning that it may soon decisively break above its long-held resistance level at $190 and target a movement up towards $200.
Ethereum Continues Consolidating Below $190
At the time of writing, Ethereum is trading up just over 1% at its current price of $188.30, and it has been inching higher over the past couple of days as it slowly approaches its key near-term resistance level at $190.
Over the past month, ETH has been ranging between lows of $160 and highs of $190, with each visit to the lower range boundary being met with strong buying pressure and each visit to $190 being met with significant selling pressure that tends to push its price down towards $180.
The formation of this relatively wide trading range has come about concurrently with a period of sideways trading for Bitcoin, which was previously caught within a tight trading range between $9,000 and $9,500 before it broke below this range and found strong support at $8,700.
ETH May Soon Incur Bullish Momentum
In the near-term, it appears that Ethereum’s price action is only loosely correlated with that of Bitcoin, as analysts are noting that ETH may soon break above its near-term resistance level and surge towards $200.
CryptoGainz, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, referencing ETH’s recent break above the upper boundary of its previously established descending triangle, while also referencing the fact that it is currently trading within a bullish pennant.
“$ETH wants to break out,” he concisely noted.
$eth wants to break out pic.twitter.com/LoXWWqq7Cw
— CryptoGainz (@CryptoGainz1) November 13, 2019
Jonny Moe, another popular crypto analyst, shared a similar observation in a recent tweet, explaining that he believes Ethereum is nearing the end of its consolidation phase.
“Watching $ETH for possible end of consolidation soon,” he said while pointing to the chart seen below.
Watching $ETH for possible end of consolidation soon. pic.twitter.com/M2Vo1Xsc9b
— Jonny Moe (@JonnyMoeTrades) November 13, 2019
The coming day may elucidate the long-term significance of the bullish chart patterns currently expressed by Ethereum, as any bullish momentum may send the crypto flying towards the $200 region.
Featured image from Shutterstock.