Ethereum Ready to Surge Higher? Bulls Face Resistance at $1360

• The market structure flipped bullish for Ethereum last week, with the altcoin giant noting gains of 15.5% in the past three weeks.
• Ethereum bulls face stern opposition at $1360, and Bitcoin also had a mountain to climb at $17.6k.
• A successful conquest could mean the rest of January could be bullish as well, with a daily session close above $1370 being the first sign of a move higher to $1485.

The cryptocurrency market has been in a state of flux over the past few weeks, with Ethereum being no exception. Last week saw a bullish flip for the altcoin giant, with Ethereum noting gains of 15.5% over the past three weeks. At the time of writing, both Ethereum and Bitcoin traded close to significant resistance levels, with Ethereum reaching a month-long range high and a breakout not yet in sight.

Ethereum bulls face stern opposition at $1360, with a successful conquest potentially leading to a bullish January. Bitcoin also has a mountain to climb at $17.6k, and a successful breach of this level could mean a further surge in the cryptocurrency markets. Historically, Ethereum has traded within a range from $1350 and $1072 since November, and traders can look to trade within this range until a true breakout is seen.

The Relative Strength Index (RSI) was at 68 to show heavy bullish momentum, and the upward-sloping Accumulation/Distribution (A/D) line showed that genuine demand was driving the ETH rally. A daily session close above $1370 would be the first sign that buyers are expecting a move higher, towards the $1485 mark. However, until this scenario materializes, traders can look to trade within the range itself.

Overall, the cryptocurrency market is showing signs of bullish intent, with Ethereum leading the way. If the key resistance levels of $1360 and $17.6k are breached, the rest of January could be bullish for the crypto markets. Until then, traders can look to trade within the current range, and breakout traders can wait for a true breakout to occur.