Over the previous several weeks, the price action of Ethereum has been quite strong and it seems it will continue with its current uptrend. At the moment, ETH is moving to the upside towards a major high time frame barrier, which analysts have focused on for some time.
Nevertheless, the cryptocurrency has come up with an overtly bullish market structure recently and it is likely to be sufficient in propelling it further to the upside.
At press time, the performance of the cryptocurrency was towards the upside at a price of $355. Its performance has been close to $350 over the previous several hours. At first, it was difficult to bring about an extended daily upswing due to the strong barrier close to $350.
Analysts have been watching this level based on its significance in history. Despite its inability to clear the barrier level for some time, a noteworthy point is that buyers have mounted defense against being firmly rejected around the upper-$340 area. This could be suggesting a forthcoming breakout rally.
According to an analyst, ETH may come up with a decisive break into its Ichimoku Cloud resistance, and this could push the cryptocurrency higher. He said that this pattern is suggesting an imminent move towards at least $460 price level in the weeks ahead.
Likewise, the analyst noted that ETH is yet to flash any bearish divergences, which corroborates its technical strength at the moment.
Regarding the near-term view of the cryptocurrency, a renowned analyst known as Josh Rager said his focus is on a move to the upside towards $365, and then a rally above $400.
Several other analysts are also bullish on ETH, as they mostly see a rally above $350 price level. Therefore, its response to $350 could have a long-term impact on BTC as well as the entire cryptocurrency market.