In the last couple of days, the market has shown a low level of volatility, one that has not been witnessed for some time now. Top coins like BTC, ETH, and XRP have remained within the range of their recent rally. By establishing high support positions, the coins are well positioned for the next rally. However, they all have to get above key resistance levels established in the last couple of days before the next strong bullish rally.
In the last 24 hours, the market has turned green with most major coins recording gains of between 1% to 5%. ETH, in particular, has seen gains of a little over 1% and is now exchanging for $140.
Getting above this position was key to ensure its short-term outlook remains bullish. Now it will need to break out above $145. A more decisive move will see the coin rally and hit as high as $150, where the coin will encounter much stronger resistance.
ETH in the past has mimicked the behavior of BTC and with the crypto leader now eyeing a position above $5,000 in the next couple of weeks, the altcoin leader will look to reciprocate the growth rate, easily seeing it rally above $200.
Since ETH dropped below $200 towards the end of November, the coin has failed to reach these highs, only reaching as high as around $162. A break out above $150, signals a strong bullish outlook and a possibility at getting above $200.
Anything above $150 will additionally signal the end of the crypto winter being experienced in the market although this will have to be coupled with other cryptocurrencies getting above their respective key resistance levels.
With the market currently highly unpredictable, if the bears take over, we could see prices pull back to around $135. Despite the pullback, the drop will still play in favor of the bulls since trading above the $133 support position allows the bulls to consolidate and make a come back. It is only when prices fall below $130 that there will be real concern that the bears might be taking over.