Senior crypto analyst at FXStreet, Aksh Girimath, believes Ethereum has managed to slow down the recent bearish momentum but warns the price must sustain above the critical support at $1,067 to initiate a steady bullish rally.
- The price of Ethereum has stalled as it nears a significant obstacle at $1,187. The decline in buying pressure for Bitcoin is responsible for the loss of momentum. However, a clear flip of the immediate resistance might result in a brief run-up for ETH.
- According to Girimath, as the weekend draws near, Ethereum traders should hold off on making a move until the $1,187 barrier transforms into a support floor. ETH has the potential to reach equal peaks established at $1,290 and $1,350 if successful.
- Girimath also stated sweeping the current buy-stop liquidity might capture short sellers and trigger a surge in purchasing pressure, which might push the price of Ethereum to the psychological level of $1,400.
- Even though the price of Ethereum is trending upward, rejection at $1,197 and a daily candle close beneath $1,073 will result in a lower low. The optimistic thesis for ETH will be refuted by this news, which will also increase selling pressure.
See Related: Ripple Intends To Bring Ethereum Smart Contracts To Its Blockchain
Affiliate link — we may earn a commission.