Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Ethereum Breaches Resistance, Targeting Higher Highs

By Crypto BriefingCryptocurrencyMar 20, 2022 02:46AM ET
Ethereum Breaches Resistance, Targeting Higher Highs
By Crypto Briefing   |  Mar 20, 2022 02:46AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

Ethereum appears to be gaining momentum for a significant price movement.

Key Takeaways

  • Ethereum is up nearly 16% in the last five days.
  • On-chain data shows a large number of tokens moving out of exchanges.
  • Further buying pressure could push ETH to $3,300 or higher.

Ethereum could be ready to rise after overcoming a significant supply barrier. A spike in buying pressure could result in a major rally.

Ethereum Breaks Critical Resistance

Ethereum appears to be bound for significant price action as its on-chain activity turns bullish. The second-largest cryptocurrency by market cap has risen by more than 15.7% over the last five days, gaining over 400 points in market value.

According to technical analyst Luke Martin, the upward price action allowed ETH to breach a critical trendline that had been preventing it from rallying since the beginning of the year. Further buying pressure could push Ethereum past the psychological $3,000 resistance level.

On-chain data from IntoTheBlock shows that Ethereum faces little to no resistance ahead. The most significant supply wall was at $2,860, where nearly 800,000 addresses have previously purchased 8.73 million ETH. Now that this hurdle has been turned into support, ETH could be ready to advance to $3,300 or higher.


Source: IntoTheBlock

Recent exchange outflows adds credence to the bullish outlook. 180,000 ETH was withdrawn from known cryptocurrency exchange wallets today. IntoTheBlock maintains that this is the largest outflow from centralized exchanges recorded in 2022. The last time such a high quantity of ETH was removed from exchanges was in October 2021. The price of ETH surged 15% soon after.

The ETH/BTC trading pair also appears to be primed for an upswing. It has been contained in an ascending parallel channel since May 2021, where each time it tests the lower boundary of this technical formation, it rises by more than 40% towards the upper trendline to the retrace again.


Source: TradingView

Similar price action could see the ratio between Ethereum and Bitcoin surge to 0.078 or even 0.094. At a ratio of 0.079, Ethereum would be half the market cap of Bitcoin. The ratio would need to be 0.159 for Ethereum to "flip" Bitcoin like many crypto enthusiasts have predicted.

Original Post

Ethereum Breaches Resistance, Targeting Higher Highs

Related Articles

Crypto Briefing
Acala Stablecoin Collapses After Parachain Exploit By Crypto Briefing - Aug 15, 2022

Acala Network’s native stablecoin, aUSD, collapsed to zero on Sunday after hackers exploited a bug in a newly deployed liquidity pool to mint over 1.28 billion tokens out of...

Ethereum Breaches Resistance, Targeting Higher Highs

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email