On February 8th, Ethereum took sail north, rebounding from the psychological 100.00 level and almost reaching the 150.00 barrier. What is also very interesting, is how the crypto keeps climbing higher. Before shooting in the upwards direction, it was spotted moving within a short-term sideways pattern. What we are noticing right now is something similar, where Ethereum is balancing between the 139.00 and 148.00 levels. Given that the crypto is currently stuck in a sideways price action, we will take a neutral stance for now and wait for a confirmation break through one of the sides of the range first, before getting comfortable with the forthcoming short-term directional move.
A push through the upper bound of the aforementioned range, at 148.00, would confirm a forthcoming higher high and the price could travel to its next potential area of resistance, at 152.60, marked by the high of January 9th. If that area is only seen by the bulls as a temporary pit-stop, they could easily drag the price towards the 157.00 zone, which, back in December and January, held the price from traveling further up. This is where the big battle between the buyers and sellers may occur.
On the downside, if Ethereum exits the previously-mentioned range through the lower side of it, which is at 139.00, this is when we may start looking into a possibility of seeing a bit more correction lower. The price could then re-test the obstacle around 134.00, which if fails to withstand the bear-pressure, might allow the sellers to continue pushing the crypto further down. We will then examine the 128.70 level as the next potential area of support, which is marked by the low of February 18th, or even the 125.00 hurdle, which may provide good support as well. That hurdle acted as a strong resistance zone between February 10th and 15th.
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