Ethereum’s firm 2020 uptrend has been quite significant, as it has drastically altered the cryptocurrency’s market structure, making ETH look to be incredibly bullish at the moment.
It is important to note that ETH is currently on the cusp of breaking above a key resistance level that could catalyze a significant upwards movement against its Bitcoin trading pair, which would in turn have an impact on its USD pricing.
Furthermore, analysts are also explaining that Ethereum has been one of the only major altcoins that hasn’t posted a decisive breakout in 2020, which could mean that it will be the next crypto to incur massive independent momentum.
Ethereum Pushes Up Against Key BTC Resistance Level; Breakout Imminent
At the time of writing, Ethereum is trading up over 2% at its current price of $183, which markets a notable climb from weekly lows of $160.
ETH’s ability to post steady momentum against USD has also allowed it to climb against its BTC trading pair, currently outperforming BTC by 1.4% at its current price of 0.0195 BTC.
Analysts are anticipating Ethereum’s momentum against Bitcoin to continue in the near-term, as it could be perpetuated by a break above a key BTC resistance level that it has been caught beneath throughout 2020.
Bitcoin Jack – a prominent crypto analyst on Twitter – spoke about this level in a recent tweet, telling his followers that ETH is gearing up to “snap this resistance like a twig,” pointing to a chart that shows a short-term upside target of roughly 0.022 BTC.
“ETH looks like it is gearing up to snap this resistance like a twig,” he said.
$ETH looks like it is gearing up to snap this resistance like a twig
Target in chart
Boolish pic.twitter.com/jAIoxt20kE
— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) February 1, 2020
Could a Break of This Resistance Lead to a Massive ETH Breakout?
CryptoGainz, another popular cryptocurrency analyst on Twitter, noted in a tweet from yesterday that although Ethereum has seen steady upwards momentum, it has not yet posted any notable technical breakout – unlike some other major altcoins.
“ETH is lagging harder than any other alt major. Even LTC broke out this week. Only ethereum hasn’t had a technical breakout. Every other alt broke out vs USD weeks ago. Granted, week hasn’t ended yet and ether still has time to catch up,” he explained.
https://twitter.com/CryptoGainz1/status/1223411951319109632?s=20
Because of this, Ethereum breaking its first key BTC resistance level could be the first step in it posting a massive USD technical breakout, which means that its 2020 rally could just be getting started.
Featured image from Shutterstock.
