Ethereum (ETH) will remain bearish until it crosses this level

Recent volatility in the aggregated crypto markets has favored bulls in particular for the past few days and weeks, with many major altcoins like Ethereum (ETH), Bitcoin Cash, Litecoin, and others creating a significant gap between their current prices and their recent lows.

This dynamic has allowed many of these altcoins to break above major levels of resistance that previously hampered their price movement, which has now opened the gates for a significantly further uptrend.

However, Ethereum has been unable to cross its key bearish trendline, which was suppressing recent price movement, leading some analysts to take an increasingly bearish view of the cryptocurrency.

Ethereum is struggling to break the key resistance while analysts look to other downsides

Currently, Ethereum is trading marginally at its current price of $ 144, which is only a slight drop from its daily highs of $ 147, which were set to highs of $ 8,300 at the same time as Bitcoin’s rapid rise overnight.

Although ETH is stuck within the USD 140 level, it is important to note that ETH has established the region with the lower USD 130 as a strong support area, as it has seen a strong surge here during the recent downturn in the aggregate crypto market.

Nik Patel, a well-known cryptocurrency analyst with nearly 75,000 followers on Twitter, shared his thoughts on ETH’s recent price action in a blog post earlier today, stating that crypto is in a consolidation phase until it can cross a key multi-month trend line in resistance .

“If we look at ETH / USD, we can see that the price has not closed above trendline resistance twice in the past few days, but has continued to consolidate after rising 25% from its mid-December low,” he said .

The main resistance region that Patel is closely monitoring is currently between $ 152 and $ 161, which is just a hair above current price levels.

“Above the trendline, there is support for a reversed resistance between $ 152-161 which will be the real test. Until that area is cleared, the daily structure of the market remains bearish, ”noted Patel.

In the short term, the price of Ethereum remains closely correlated to that of Bitcoin, so it is very likely that it will move sideways until BTC is able to gain crucial momentum.

If BTC crosses its key resistance by $ 8,300, it could be in another solid uptrend, allowing altcoins like ETH to rise similarly higher.

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