Ethereum has been caught within the throes of an intense and unrelenting selloff for the past week, with its capitulatory drop seen last Thursday sending it reeling down from its position in the $200 region to lows of roughly $90.<\/p>\n
In the time since this intense plunge, the cryptocurrency has been able to rebound and recoup some of these losses, with ETH incurring some notable momentum today that has allowed it to invalidate a bearish pattern it was caught within.<\/p>\n
One top trader is now noting that he believes over a mid-term time frame Ethereum is positioned to rally back up towards its previously established 2020 highs.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up over 20% at its current price<\/a> of $137.30, which marks a massive surge from daily lows of $110 that were set yesterday while the crypto consolidated alongside Bitcoin and most other altcoins.<\/p>\n Because ETH is closely tracking Bitcoin\u2019s price action at the moment, whether or not it is able to climb higher will likely depend on if BTC is able to surmount the resistance it is currently facing at $6,200.<\/p>\n Satoshi Flipper, a prominent cryptocurrency analyst and trader, explained in a recent tweet that Ethereum\u2019s key near-term resistance sits at roughly $140, with a decisive movement past this level opening the gates for a rally towards $160.<\/p>\n \u201cETH\/USDT: Currently at $140 resistance. Flip this level and $160 is next,\u201d he noted while pointing to a chart showing the key levels he is watching at the present moment.<\/p><\/blockquote>\n $ETH<\/a>\/USDT<\/p>\n Currently at $140 resistance<\/p>\n Flip this level and $160 is next pic.twitter.com\/H4uku6oHxe<\/a><\/p>\n — Satoshi Flipper (@SatoshiFlipper) March 19, 2020<\/a><\/p><\/blockquote>\n\n