Ethereum no far End of Consolidation Time as Big Looms on Horizon

Ethereum (ETH) has been stuck below its short-term resistance level for more than a month at $190. ETH has shown some clear signs of gaining a remarkable momentum that allows it to be decisively driven at this level.

However, analysts point out that Ethereum may be near the top of a rapid flag formation, sending a higher increase in its pricing period. Which means it will soon have a decisive target of up to $190 more. It may be above long-term resistance levels. A move towards $200.

Ethereum continues Consolidation below $190

At the time of writing this article, Ethereum is trading at just over 1% at its current price of $188.30. It have been increasing in recent days as it slowly reaches its short-term resistance level at $190.

During the past month, ETH has been between the highs of $160 and $190, and each range found strong buying pressure for the lowest range. Each trip of 190 coincided with significant sales pressure push the bottom of it. Towards $180.

This relatively wide trading range is formed simultaneously with the side trading period for Bitcoin. Which was previously within a narrow trading range of between $9,000 and $ 9,500 before exceeding this limit. There was strong support at $8,700.

Soon Bullish Moment in ETH

In the short term, it seems that Ethereum's price action is highly correlated only with Bitcoin. As analysts point out that ETH may soon exceed its resistance level in the short term and towards $200 may increase

CryptoGainz, a popular cryptocurrency analyst on Twitter, talked about this in a recent tweet. Referring to the recent ETH break above the upper limit of its already established downward triangle. And also to the fact that it is currently traded within money Quick.

"$ ETH wants to explode," he says bluntly.
Johnny Moe, another popular crypto analyst, shared a similar observation in a recent tweet that says he believes Ethereum is nearing the end of its consolidation phase.
The next few days may illustrate the long-term importance of the rapid graph pattern expressed by Ethereum, since any rapid impulse can send cryptography flying towards the $200 area.