- Ethereum and the entire crypto market are consolidating today after some recent turmoil
- The bulls rose after the entire market saw a massive sell-off yesterday, absorbing the influx of selling pressure, allowing BTC to shoot above $ 40,000 and ETH to surge
- Today the market has consolidated and is down slightly, although the bulls still seem poised to catalyze further bullish moves
- One trader now notes that Ethereum could be well positioned to look up in the short term, adding that its outlook is getting strong day by day
- He specifically advises that an ascent into the $ 2,000 region could be imminent in the coming days and weeks
Ethereum struggled to gain immense momentum as it navigated towards the $ 1,200 region, with selling pressures proving to be significant here.
Every move toward $ 1,300 has generated rejections, and its price has moved closely with Bitcoin’s.
One analyst believes crypto is about to take a serious boost. He notes that ETH’s macro outlook is incredibly bullish and that his initial price targets are in the lower region of $ 2,000.
Ethereum is facing increased selling pressure from a resistance of $ 1,300
At the time of writing, Ethereum is trading just under 4% at its current price of $ 1,185. This is a notable drop from recent highs of $ 1,300 this morning as the bulls rose and sent prices soaring.
Where the market trends should largely depend on Bitcoin in the medium term and whether the benchmark crypto can gain a strong foothold above 40,000 US dollars.
The bulls are currently struggling to regain that level, which is hindering Ethereum’s price movement.
Trader: ETH is likely to rise above $ 2,000
A trader recently stated in a tweet that Ethereum’s macro outlook is getting stronger every day.
He specifically advises that it is likely to spike above $ 2,000 in the medium term and that he would not be surprised if it turned out much higher.
“The ETH in a macro time frame is Mega Bull Bull Bull Imo. Monster was probably extending w3 in progress, with each leg stretching out again. I have no doubt it will trade high anytime this year, probably much earlier than I showed it. “
Image courtesy of @SmartContracter. Source: ETHUSD on TradingView.
The coming days should provide some insight into Ethereum’s medium-term prospects. Right now it’s showing some subtle signs of weakness as the entire market is just inches lower.
Featured image from Unsplash. TradingView charts.