Ethereum has been struggling to break above $600 throughout the day, with the selling pressure proving significant.
Each break above this level has caused it to see inflows of selling pressure that have slowed its growth and caused it to see slight rejections at this level.
It is important to note that bulls are still firmly in control of the aggregated market, and Ethereum’s mounting momentum is unlikely to end anytime soon while Bitcoin and the entire altcoin market rests firmly in buyers’ control.
One trader is noting that $600 is the last key resistance level until $800, with a sustained break above this level likely leading ETH to see gains of 30% or more in the days and weeks ahead.
This would allow the cryptocurrency to fully erase its trend of underperformance against Bitcoin that has been plaguing the ETH/BTC pair over the past few weeks.
It could also further fuel the second wave of DeFi hype driving this fragment of the market higher over the past few days and weeks.
Ethereum Struggles to Break Last Key Resistance Level
Ethereum is in the process of breaking above its last key resistance level, with the selling pressure found at $600 proving to be quite significant.
At the time of writing, ETH is trading up just under 6% at its current price of $590. It has made multiple attempts to break above $600, with each one resulting in serious inflows of selling pressure.
If it rejects this level, it could see a prolonged consolidation phase before it can advance higher.
The selling pressure here may continue hampering Ethereum’s price action in the near-term, but once it is shattered, the crypto may see its next leg higher.
Analyst: ETH Doesn’t Face Any Intense Resistance Until $800
While sharing his thoughts on where Ethereum might trend in the near-term, one analyst explained that once $600 breaks, there’s virtually no resistance until $800.
“I repeat, there is no resistance on ETH from here until $800, literally nothing, that is all.”
Image Courtesy of @Smartcontracter. Source: ETHUSD on TradingView.
The coming few days should provide serious insights into where the aggregated market will trend next.
If Ethereum can post a high time frame close above $600, it could see some immense momentum and extend its ongoing parabolic rally.
Featured image from Unsplash. Charts from TradingView.
