Ethereum has been able to post some decent gains today, with its latest rally coming close on the heels of Bitcoin\u2019s surge past $9,000. This momentum has allowed ETH to climb into the $230 region, although it has slightly underperformed BTC over the past 24-hours.<\/p>\n
Analysts are now noting that Ethereum could be positioned for some significant upside in the days and weeks ahead, with its reaction to one key trendline potentially allowing it to begin a parabolic ascent.<\/p>\n
One trader is noting that a break above this key trendline could lead the cryptocurrency to rally as high as $500, which would mark an over 100% surge from its current price levels.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up over 4% at its current price of $231.74, which marks a notable climb from its daily lows of $220 that were set yesterday.<\/p>\n ETH\u2019s current price region has been acting as strong resistance throughout the past week, and an inability to break above this level in the near-term could be a bearish sign<\/a> that leads the crypto to plummet lower.<\/p>\n In addition to facing some resistance around its current price level, it is also important to keep in mind that the crypto is currently approaching a descending resistance line that has been respected over multiple months, with one analyst noting that a break above this could lead ETH to $500.<\/p>\n The Cryptomist, a popular crypto analyst on Twitter, spoke about this level in a recent tweet to her 45k followers, concisely noting that the crypto is \u201cone trendline break away\u201d from seeing an intense rally.<\/p>\n \u201cETH: One trendline break away from $500+\u201d she noted while pointing to the level marked on the below chart.<\/p><\/blockquote>\n https:\/\/twitter.com\/TheCryptomist\/status\/1235581170320117767<\/p>\n A potentially imminent break above this level isn\u2019t the only bullish factor currently counting in Ethereum\u2019s favor, as Bagsy, another popular cryptocurrency analyst, explained in a recent tweet that he believes it is a possibility that ETH is currently forming a bullish Wyckoff Accumulation pattern.<\/p>\n \u201cETH Wyckoff Accumulation pattern: This caught my eye; I’m no Wyckoff expert by any means, so I’m open to criticisms and remarks on this,\u201d he said while pointing to the potential pattern marked on the chart seen below.<\/p><\/blockquote>\n $ETH<\/a> Wyckoff Accumulation pattern:<\/p>\n This caught my eye; I'm no Wyckoff expert by any means, so I'm open to criticisms and remarks on this. pic.twitter.com\/DXHsjk4y4l<\/a><\/p>\n — Bagsy (@imBagsy) March 5, 2020<\/a><\/p><\/blockquote>\n\n