The Ethereum bulls are back and in the top three cryptocurrencies, they are recording the highest gains. At the time of press, Ethereum is soaring by well over 6%. This has seen the largest altcoin by market cap rally to as high as $143 with the prospect of crossing over $150 looking very high.
With the bulls almost guaranteed a position above $145, they are now starting to eye the $150 position. Although difficult to get over, this is one of the more crucial resistance positions that could well establish a more long-term bullish view.
Although there is still a long way to go for Ethereum to hit $150, the current bullish charge could offer the required momentum to see the coin this high. But, in the next couple of hours, the coin will have to stay green if this prospect is to remain achievable. Also, the wider market rally will also have to persist throughout the weekend, giving ETH the best chance possible.
For now, the very key position for the bulls will be $145, this target will see more traders come in, creating demand and setting up the stage for even greater gains. Ethereum has in the short-term established that as long as it’s trading above $133, it is bullish and can easily launch itself and rally.
It will now in the next few days or weeks look to establish this position as its long-term support position, ensuring the only way for it henceforth is up. The best way to establish this support position, or even a higher one, is by establishing a high resistance position, one above $150.
Although the market has been green for the past couple of hours, there is still concern that the bearish trend is not over yet. Over the last couple of months, the market has been dropping back after every recovery and it has been nearly impossible to predict when this trend will come to an end and the market can truly turn bullish.
It is likely that if coins do not rally and get above newly established resistance positions, they will drop back in their recently established ranges. For Ethereum, this has been between $133 and $138.
As soon as the market gets out of its current bearish trend, most experts expect that most coins will get back to their all-time highs. Ethereum, in this case, would hit as high as $1,000.