- Ethereum has largely been tracking Bitcoin’s price action lately, but its fluctuations have been far milder as it hovers within the $ 1,300 region
- The cryptocurrency has shown some signs of strength, with bulls passionately absorbing the intense selling pressures they have been exposed to lately
- This suggests that there are a significant number of investors looking to get exposure to ETH and give it a strong bid during all dips
- Where there are trends, something will undoubtedly depend on Bitcoin, but it is currently pushing against an important level of resistance that could break soon
- An analyst is comparing current price action with November’s, which means a massive rebound could be imminent
Ethereum has been consolidating over the past few days and weeks, with both buyers and sellers at an impasse as it trades in the middle of the $ 1,300 region for the most part.
Right now, $ 1,380 is the main resistance level to watch as sellers have been passionate about trying to protect themselves from a break above this level.
However, once broken, ETH could see a massive rebound leading to new all-time highs, which is a possibility that an analyst is watching closely.
Ethereum is consolidating as bulls build strength
At the time of writing, Ethereum is trading marginally from its recent highs of just over $ 1,400 set yesterday afternoon.
Crypto is now in a phase of consolidation that has done little to provide insights into the medium-term trend.
Bitcoin and its ongoing response to resistance in the middle of the $ 30,000 region should provide some insight into where major altcoins like Ethereum will head next.
Despite consolidation, ETH shows signs of strength
A trader recently stated in a tweet that Ethereum could expect a bigger surge similar to that of crypto in November before exploding into the region above $ 1,000.
He also notes that whenever there is a slump, the buying activity suggests that the bid is pretty strong for ETH.
“What is remarkable is that ETH spent near 1300 for most of the month. Much like November, when the price exploded early in the month and never looked back. The command is strong. “
Image courtesy Mohit Sorout. Source: ETHUSD on TradingView.
As long as Bitcoin stays stable, there is a good chance that Ethereum will see a big surge soon.
Featured image from Unsplash. TradingView charts.