Ethereum has been able to climb all the back up to its local highs of $190 as its upwards momentum continues to build. This movement has come about after Bitcoin was able to gain a solid foothold above $7,500.
Today’s upswing has marked an extension of the rally that Ethereum has been caught within in the time following its decline to the sub-$100 region in mid-March.
Analysts are growing concerned about the strength of its recent uptrend, however, as it has failed to retest its previous resistance levels as support – meaning that it may be positioned to revisit these levels in the near-term.
Ethereum Reaches Local Highs as It Approaches a Major Supply Zone
The cryptocurrency is now engaged in a bout of consolidation just below its current resistance at $190. This level happens to be where it rallied to last Saturday before facing a firm rejection here.