Ethereum has been one of the best performing major altcoins over the past several weeks, with the cryptocurrency surging past its previous resistance at $200 as its slow upwards grind begins turning into a parabolic rally.

This momentum has allowed ETH to significantly outperform both Bitcoin and the aggregated crypto markets, leading many analysts to watch for further near-term upside.

In the near-term, the critical level that should be closely watched sits at $225, as a flip above this level could lead to a massive amount of upwards momentum that significantly extends its ongoing uptrend.

Ethereum Rallies to $220 as Analysts Watch for Its Reaction to These Key Levels

At the time of writing, Ethereum is trading up just under 4% at its current price of $220, which marks a notable climb from daily lows of $210 that were set around this time yesterday.

In the near-term, ETH does appear to facing strong resistance around $220, as the crypto has struggled to decisively break above this level throughout the morning, with each attempt to climb higher being met with a significant amount of selling pressure.

Ethereum’s massive climb throughout 2020 has allowed it to form a firmly bullish market structure, which has led HornHairs – a prominent crypto analyst – to note that any major dip “is for buying.”

“This is the simplest way I can put it: Price is always in a game of tug-of-war between bulls and bears. The current weekly candles are showing bears getting overpowered and dragged through the mud on both $ETH and $BTC. Any major dips are for buying,” he explained.

This is the simplest way I can put it: Price is always in a game of tug-of-war between bulls and bears. The current weekly candles are showing bears getting over powered and dragged through the mud on both $ETH and $BTC. Any major dips are for buying. pic.twitter.com/CUEnoWmxtv — HornHairs 🌊 (@CryptoHornHairs) February 7, 2020

As for where Ethereum will likely trend in the near-term, it appears to be critical that bulls propel ETH above $225, as a decisive break above this level could spark some significant momentum.

HornHairs also spoke about the important of this level in a recent tweet, explaining that $225 is where he would expect to see ETH pullback.

“ETH HTF: Price butchered the high time frame level at $195, in the event of a retrace that level is now a BUY. At the moment, we are against another huge level at $225. This would be a reasonable spot to expect a pullback after one or two more LTF pops to the upside,” he explained.

$ETH HTF Price butchered the high time frame level at $195, in the event of a retrace that level is now a BUY. At the moment, we are against another huge level at $225. This would be a reasonable spot to expect a pullback after one or two more LTF pops to the upside. pic.twitter.com/cInbG61aY6 — HornHairs 🌊 (@CryptoHornHairs) February 7, 2020

How Ethereum responds to this key resistance as the daily close fast approaches should offer investor and traders deep insights into where the crypto will head next.