Here’s Why Ethereum Has the “Best TA Structure” in the Crypto Market
- Ethereum is currently in the process of breaking back above its crucial $380 resistance level
- This level has significant historical importance, as breaks above and below it have marked turning points for the cryptocurrency’s previous trends
- Whether or not the crypto can push higher in the near-term may depend somewhat on Bitcoin
- The benchmark crypto has been seeing a slight uptrend over the past day, but it remains below its $11,600 resistance
- One analyst is noting that ETH’s market structure is ultra-bullish
- He even notes that it is one of the “best TA structures” seen throughout the entire crypto market
Ethereum has been slowly pushing up towards 0 again following its recent break below this level.
Not only does 0 need to be surmounted for the cryptocurrency to rally higher, but it also has to be confirmed as support.
At the time of writing, Ethereum is trading up marginally at its current price of 9. This is around where it has been trading throughout the morning, with bulls aiming for 0.
He pointed towards the crypto’s technical structure, noting that it is one of the strongest throughout the entire market.
Ethereum Moves Towards $380 Resistance
Just a couple of weeks ago, an attempt to confirm this level as support failed, and ETH reeled down below 0.
Where ETH trends next may depend largely on Bitcoin – which has been guiding the aggregated market.
That being said, one analyst is noting that ETH has one of the best market structures seen throughout the market, which may boost its price action in the weeks and months ahead.
Analyst: ETH One of the Strongest Crypto’s from a Technical Perspective
For this level to catalyze an upswing, it must be both surmounted and confirmed as support. A rejection here, however, would be grave for its short-term trend.
Featured image from Unsplash.
Charts from TradingView.
Image Courtesy of Cactus. Source: ETHUSD on TradingView.
“ETH / USD: I would consider ETH the best TA structure in crypto… I would consider ETH to have the best FA in crypto… I would be buying some Ethereum…”
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