Like Bitcoin, Ethereum (ETH) has shown sluggish price action over the past few months, with the top altcoin having traded between $230 and $240 for around eight weeks now, scarcely deviating from these two levels.
ETH prices managed to recover from last week’s lows at $228 over the weekend, where several seller congestion areas were broken, including $235.
The digital coin even attempted to break past $240, but the resistance from a descending trendline halted the bulls’ effort.
At press time, ETH/USD is trading at $238.52, with buying pressure in the new week expected to help break above the $240 hurdle, possibly propelling ETH towards $250.
Massive ETH Breakout Expected
Ethereum is likely to continue to move higher as it consolidates above a key support level around $238 because, for the past seven days, bears have failed to break back below that level with any conviction, pointing to a consolidation phase before a massive breakout.
If bulls can take out the $246 resistance, then momentum should take ETH a lot higher in the near-term.
These bullish sentiments have been confirmed by crypto analyst Byzantine General, who notes that if Ethereum breaks above the red line seen in the chart below, it will mark the end of the bear trend inhibiting the top altcoin since mid-2019.
“Imagine if that red line finally breaks. Bears would get their asses scorched,” Byzantine General commented in his tweet.
On-chain indicators also uphold the prospects of an imminent ETH breakout. For instance, the marketcap of ETH-based tokens has passed the value of all ETH, and the number of ETH locked in DeFi has surged to over 3.4M.
Moreover, there has been increased network usage in the Ethereum network, while its futures are still manageable.
BNB Could Hit Fresh Monthly High Above $19
It looks like there is a crucial bullish trend line forming with support near $17.30 for Binance Coin (BNB) after it broke the $17.00 support level this past week.
In today’s trading, BNB price is up more than 7% to trade at $18.189 during press time after it successfully broke the $18.00 resistance against the USDT.
The price is likely to continue higher above the $18.50 resistance level if the bulls gain momentum. A clear break above this crucial level could open the doors for a larger rally, with prices expected to shoot up towards a fresh monthly high near $19.00 in the near term.