Ethereum, the world’s second-largest cryptocurrency by market cap, has tested the $145 level of resistance following a 15% rally over the past five days.
The move to the upside hasn’t been limited to Ethereum either, with Bitcoin and a number of top cryptocurrencies all experiencing significant gains since the turn of the year.
Following a test of the $145 level, Ethereum has suffered a minor correction, falling by 3% to $141 before forming a new level of support.
A breakout from here will likely trigger a move towards $160, with a key level to the upside remaining at $219.
The exponential moving average (EMA) death cross on the daily chart came to fruition on August 23, with the cross forming adjacent to $219.
If the price of Ethereum gets rejected at $145, levels of support remain at $133, $128, and $122, while the psychological level of $100 is also worth keeping an eye on.
Ethereum as a project has endured a turbulent past three years, with the cryptocurrency space falling head over heels for Vitalik Buterin’s smart contracts platform during its run to $1,420 in 2017.
However, as price began to dwindle, so did support for the project, which was made worse by its numerous vulnerabilities including the lack of scaling solutions and failed hard forks.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.