Ethereum, like Bitcoin and most other major altcoins, has been firmly caught in a consolidation phase over the past few days and weeks, which has led it to stabilize around $130 as bulls and bears both attempt to take control of the cryptocurrency.<\/p>\n
One analyst is noting that there are a couple technical formations that could allow the cryptocurrency to rally higher in the days ahead, with one of these formations potentially allowing it to bust through a key resistance region.<\/p>\n
It is possible that this bullishness will be invalidated if Bitcoin is unable to stabilize or climb higher in the near-term.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down just under 3% at its current price<\/a> of $129, which marks a decline from daily highs of nearly $136, and only a slight climb from lows of $126 that were set earlier this morning.<\/p>\n ETH appears to be closely tracking Bitcoin in the near-term, with the benchmark cryptocurrency currently trading sideways around $6,000.<\/p>\n Because the entire crypto market is currently consolidating, it is probable that a massive movement is imminent in the days ahead.<\/p>\n The key level that analysts are watching for Ethereum currently sits around $150, as a break above this level is imperative in order for the crypto to climb higher in the days and weeks ahead.<\/p>\n Cold Blooded Shiller, a prominent cryptocurrency analyst on Twitter, explained in a tweet that he isn\u2019t able to look upon ETH with a bullish perspective until it is able to decisively break above the $150 to $160 level.<\/p>\n \u201cI’ll start to speak more positively about ETH when we’re trading above here,\u201d he noted.<\/p><\/blockquote>\n I'll start to speak more positively about $ETH<\/a> when we're trading above here. pic.twitter.com\/Zkt14UaSw1<\/a><\/p>\n — Cold Blooded Shiller (@ColdBloodShill) March 21, 2020<\/a><\/p><\/blockquote>\n\n