Plenty of price fluctuations are sending Bitcoin this way and that, but Ethereum (ETH) appears to be holding its own. With $BTC in the red, along with a good part of the altcoins, $ETH is up on the day and threatening to break through the $2,700 major resistance. Is $ETH about to break much higher, or is another rejection in the offing? ETH/USD at critical juncture Source: TradingView Going straight into the higher time frame for $ETH it can be seen that the number 2 cryptocurrency by market capitalization is at a critical juncture. The price has been in a range during the last few weeks and is right at the top of this currently. If the bulls can tip the price over and into the horizontal resistance band that stretches from $2,750 up to $2,900, the $ETH price could have the chance to consolidate here; perhaps moving sideways for a period until shorter-term time frame Stochastic RSIs can reset. $ETH confirms breakout against $BTC pair Source: TradingView The 4-hour time frame for ETH/BTC reveals that $ETH has just penetrated the descending trendline, has come back to test it, and is now consolidating above. A higher high has been made, although out in the higher time frame of the weekly, the Stochastic RSI indicators have reached the top, meaning that there could be a longer period of consolidation to come. Huge task confronts $ETH bulls against $BTC Source: TradingView Zooming out into that weekly time frame for ETH/BTC the sheer size of the task confronting the $ETH bulls becomes apparent. While $ETH is up 40% against its $BTC pair recently, this is still a drop in the ocean compared to what needs to be done. It can be noted just how strong the current horizontal resistance level is. However, the bulls have to start somewhere and if this level can be overcome, the next resistance is at 0.03 BTC. The $ETH bulls will need all the luck they can get. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
