Ethereum saw a slight overnight rally that allowed it to move back towards its resistance within the lower-$130 region. This movement came about in tandem with that seen by Bitcoin, which surged all the way up to highs of $6,700 before reeling back towards $6,000.<\/p>\n
This recent price action seems to confirm that ETH, BTC, and most other cryptocurrencies are currently caught within bouts of range-bound trading, as they may currently be seeking direction from the stock market.<\/p>\n
One analyst is noting that Ethereum\u2019s overnight surge has led it up to a key resistance level, which means that further momentum here could be just what is needed for it to post some notable near-term gains.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up just over 2% at its current price<\/a> of $130, which marks a notable climb from daily lows of $122 that were set late-yesterday when bears attempted to push the crypto back into the lower-$100 region.<\/p>\n Bulls were able to guard against this decline, however, and subsequently pushed the cryptocurrency up to highs of roughly $134, which is where it faced a slight rejection that led it down to its current price levels.<\/p>\n In the near-term, analysts do believe that ETH\u2019s current price region may prove to be insurmountable, and a strong rejection here could lead the crypto to plummet to as low as $100.<\/p>\n Crypto Micha\u00ebl, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that losing ETH\u2019s current levels could lead it to see a notable decline of 20% or more.<\/p>\n \u201cEthereum: Similar view as on BTC. If we want to have a short-term bounce, I think this is the area we should be watching. Bounce up? Eyes first on $130 and $134. Losing this level and I’ll be watching $102-105 and $94,\u201d he noted.<\/p><\/blockquote>\n $ETH<\/a> #ETHEREUM<\/a><\/p>\n Similar view as on $BTC<\/a>.<\/p>\n If we want to have a short term bounce, I think this is the area we should be watching.<\/p>\n Bounce up? Eyes first on $130 and $134.<\/p>\n Losing this level and I'll be watching $102-105 and $94. pic.twitter.com\/XZblt7EHDj<\/a><\/p>\n — Micha\u00ebl van de Poppe (@CryptoMichNL) March 23, 2020<\/a><\/p><\/blockquote>\n\n