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Ethereum Towards $700: ETH Breaks Key Resistance Level

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A move for Ethereum towards $700 now looks possible since the ETH coin broke the key resistance level and rocketed to $580. The coin then retraced slightly as the part of the weekly candle close but analysts believe that it will shoot higher so let’s read more in today’s ETH news.

Analysts expect ETH to move higher in the days ahead as there are a number of technical and fundamental trends that will drive the coin higher like the imminent launch of ETH 2.0 and the growth of the Defi space. Also, there’s the fact that there’s little technical resistance to the $700 level. Bitcoin’s outlook is believed to be quite bullish as well but some are getting worried about its technicals. There are signs that suggest the number one cryptocurrency will increase even more but more strength in the BTC price should be great for ETH and the rest of the markets but now it’s unclear which coin will outperform most.

eth chart
Chart of ETH’s price action over the past few years with an analysis by the crypto trader The Crypto Cactus (@TheCryptoCactus on Twitter).

Analysts think that ETH will explode even higher when it breaks out of the macro range and goes past the macro resistance for the first time since 2018. The charts depict that this breakout and the ETH macro price action means that a move for Ethereum towards $700 is likely:

$ETH / USD This is such a f**king bullish daily close, if the weekly closes up here (which I think it will), next resistance is $750… How can you not be bullish right now when quarter of a million ETH is locked up for more than a year…

eth data
Data of ETH’s order books from crypto trader Byzantine General (Byzgen on Twitter).

While Ethereum has a great long-term outlook from weeks ago, one trader believes that the order books on exchanges for Ethereum show strong selling pressure that faces the coin:

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 “Serious market buying going on, but the ask side is stacked. I don’t expect us to break 600 today,” the analyst said in reference to the data seen below.”

Also, analysts see strong price action on the spot market for the second-biggest cryptocurrency.

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