Ethereum (ETH) has been trapped beneath its near-term resistance level at $190 for over a month and has shown few clear signs of gaining any notable momentum that will allow it to decisively propel past this level.<\/p>\n
Analysts are now noting, however, that Ethereum may be nearing the apex of a bullish flag formation that could send its pricing surging higher in the near-term, meaning that it may soon decisively break above its long-held resistance level at $190 and target a movement up towards $200.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up just over 1% at its current price<\/a> of $188.30, and it has been inching higher over the past couple of days as it slowly approaches its key near-term resistance level at $190.<\/p>\n Over the past month, ETH has been ranging between lows of $160 and highs of $190, with each visit to the lower range boundary being met with strong buying pressure and each visit to $190 being met with significant selling pressure that tends to push its price down towards $180.<\/p>\n The formation of this relatively wide trading range has come about concurrently with a period of sideways trading for Bitcoin<\/a>, which was previously caught within a tight trading range between $9,000 and $9,500 before it broke below this range and found strong support at $8,700.<\/p>\n In the near-term, it appears that Ethereum\u2019s price action is only loosely correlated with that of Bitcoin, as analysts are noting that ETH<\/a> may soon break above its near-term resistance level and surge towards $200.<\/p>\n CryptoGainz, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, referencing ETH\u2019s recent break above the upper boundary of its previously established descending triangle, while also referencing the fact that it is currently trading within a bullish pennant.<\/p>\n \u201c$ETH wants to break out,\u201d he concisely noted.<\/p><\/blockquote>\n https:\/\/twitter.com\/CryptoGainz1\/status\/90495489<\/p>\n Jonny Moe, another popular crypto analyst, shared a similar observation in a recent tweet, explaining that he believes Ethereum is nearing the end of its consolidation phase.<\/p>\n \u201cWatching $ETH for possible end of consolidation soon,\u201d he said while pointing to the chart seen below.<\/p><\/blockquote>\n Watching $ETH<\/a> for possible end of consolidation soon. pic.twitter.com\/M2Vo1Xsc9b<\/a><\/p>\n — Jonny Moe (@JonnyMoeTrades) November 13, 2019<\/a><\/p><\/blockquote>\nETH May Soon Incur Bullish Momentum<\/strong><\/h2>\n
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