At the time of writing, Ethereum is trading up 2% at its current $240.3. The second-largest crypto is beginning to flash some significant signs of strength as it outperforms BTC, ADA, and many of its peers.
BTC remains firmly in the middle of its consolidation channel between $9K and $10K. Meanwhile, ETH is pushing up against the upper boundary of its range between $230 and $250.
Analysts are growing increasingly optimistic regarding the cryptocurrency’s near-term outlook, with trader and analyst Luke Martin sharing this chart to indicate the bullish trend ETH currently displays.
Luke added that current charts make him want to buy more ETH, with another analyst called “TheCryptoCactus” noting on twitter that ETH is currently embarking on a “moon mission” due to its emerging bullish structure.
In the near-term, ETH only needs to transcend the resistance it is currently facing at $243, to set fresh post-March highs of over $255.
Bitcoin Could Rally To $10k
Bitcoin has been caught within an unrelenting multi-month consolidation phase. Buyers and sellers seemingly have reached a clear stalemate as the flagship cryptocurrency struggles to break below $9K or above $10K.
These levels have been broken on a few occasions, but each time has been short-lived as BTC’s trading range narrows to $9,000 – $9,300.
After a slight drop below the $9K level, BTC found support at $8,800, where it remained well bid by traders in yesterday’s sessions.
Consequently, a fresh increase was initiated, and the BTC price broke a few important hurdles near $9k and $9,300 before correcting slightly lower to trade at the $9,220 mark during press time.
Moreover, there was a break above a key bearish trend line with resistance near $9,350 on the daily chart, indicating that the bulls are taking control above $9,300.
A successful break above $9,600 could open the doors for a more significant upward move towards $10K in the coming days in the near-term.
On the downside, BTC might correct lower towards the broken, bearish trend line at $9,300, after which the price will likely find support around $9,200.
Any further losses could push the price down towards the $8,800 support, which holds the key for a more extensive breakdown.