Since surpassing the important $1,915 price milestone, Ethereum (ETH) has effectively overcome a big resistance level. What comes next is unclear, though.
After multiple failed attempts to get beyond this barrier, this development occurred. Ethereum has tested this level at least five times over the previous several weeks, but each time it has run into heavy selling pressure, which has halted its ascent. This ongoing tussle around the $1,915 level just emphasises how important this innovation is.
The fact that bulls were able to successfully break over this resistance level is encouraging for Ethereum’s near-term price movement and shows that bulls are firmly in charge of the market. If Ethereum is able to sustain its position above this important level, it may indicate the start of a new bullish trend.
But it’s important to proceed cautiously with the breakthrough. The breakthrough took place at the conclusion of the week, when market liquidity is typically lower. Price changes can be more erratic and possibly less indicative of the state of the market as a whole when there are fewer deals being executed.
It will thus be vital to watch to see if Ethereum can maintain its position above the $1,915 threshold as we start a new week. If so, it may lay a strong platform for future gains. In the event that it fails, Ethereum may be in store for more consolidation or perhaps a retest of lower support levels.
Whatever happens next, Ethereum’s breach of this significant resistance level is advantageous for bulls who have had their sights set on $2,000 for a while. Additionally, we should anticipate a spike in volatility next week as bulls attempt to drive Ether back up to its recent high.
