Analyst: Ethereum Must Close Above $200 For Bulls to Gain Edge Over Bears

Ethereum (ETH) has been closely tracking Bitcoin’s price action over the past several days and weeks, although it has been able to climb slightly today in spite of BTC’s bout of sideways trading around its current support level at $8,800.

Analysts are now noting that Ethereum needs to surge just over 5% from its current price levels before it reaches a point at which bulls are in firm control, and a failure to break above this near-term resistance level could signal that significantly further losses are inbound.

Ethereum Climbs Higher as Bitcoin Consolidates  

At the time of writing, Ethereum is trading up just under 3% at its current price of $189, which marks a slight climb from its daily lows of $184 that were set yesterday.

This climb has come about in the midst of a consolidation period for Bitcoin, which has been trading sideways around $8,800 in the time following its recent drop below its previous support level at $9,000 that occurred earlier this past week.

Currently, Ethereum appears to be finding support at its 360-day moving average, which may be what is behind its slight climb today.

Nik Patel, a popular cryptocurrency analyst on Twitter, spoke about