Lorenzo Stroe
Independent Analyst
- ETH/USD is currently trading at $397 while eying up the crucial $400 resistance level.
- Ethereum bulls are fighting hard to break $400 but there is a lot of selling pressure.
Ethereum is now facing a lot of resistance at $400, this level is now similar to the $250 resistance area that ETH used to face in June. We could easily see Ethereum trade sideways for the next few weeks before a clear breakout, however, considering the bullish momentum of the market, ETH is more likely to climb above $400 sooner than later.
ETH/USD daily chart
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Ethereum has been trading somewhat sideways for the past week consolidating after a massive bullish breakout. The most realistic scenario for Ethereum is to form an equilibrium pattern with a lower high and a higher low compared to $363. At the same time, considering the positive sentiment of the market, Ethereum could also just continue above $410 with a lot of bullish power.
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