Ethereum has been able to continue inching higher today after ETH outperformed Bitcoin and the aggregated crypto market yesterday. This upwards movement is very tempered, however, and the crypto is still struggling to break back above $170.<\/p>\n
Analysts are now noting that Ethereum could see one more short-term pullback towards $155 before it is able to extend its recent uptrend.<\/p>\n
The bounce that results from this movement to $155 could be enough to propel it past a key multi-year descending trendline, with a sustained break above this level potentially opening the gates for a parabolic movement.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up just under 1% at its current price<\/a> of $168, which marks a slight climb from daily lows of just under $167 that were set overnight.<\/p>\n The cryptocurrency has been struggling to break back above $170 in the time following its last major selloff that occurred last Saturday when ETH dipped from highs of $178 to lows of $162.<\/p>\n Yesterday, Ethereum<\/a> did attempt to push above $170, although this was met with a sharp selloff that instantly led it to drop back down to the mid-$160 region.<\/p>\n Calmly, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he does not believe ETH is quite ready to set fresh local highs, and that it may need to drop to its key support at $155 before it climbs to $180.<\/p>\n \u201cEthereum \/ ETH – I’m still not convinced we see bullish continuation yet. Last time we were at this weekly s\/r lvl, we consolidated for 12 weeks before finally breaking down. I think it will take more than one test of this lvl for it to break. I expect to see ~$155 before $180,\u201d he explained while pointing to the below chart.<\/p><\/blockquote>\n #Ethereum<\/a> \/ $ETH<\/a> – I'm still not convinced we see bullish continuation yet. Last time we were at this weekly s\/r lvl, we consolidated for 12 weeks before finally breaking down<\/p>\n I think it will take more than one test of this lvl for it to break. I expect to see ~$155 before $180 pic.twitter.com\/8JFOptee8X<\/a><\/p>\n — Calmly | full-time trader (@im_calmly) January 22, 2020<\/a><\/p><\/blockquote>\n\n