- Ethereum has seen remarkable strength today despite Bitcoin’s weak price development
- This has allowed him to seriously gain ground on his BTC trading pair, and crypto is on the verge of a massive breakout
- Where there are medium-term trends, it will no doubt depend, at least in part, on whether or not bulls can take firm control of their price movements
- Analysts have noted that the medium-term trend is likely to depend on the response on a few key levels
- The current demand zone for the crypto is at $ 1,160, while its resistance is at $ 1,260
- It rebounded to that level of resistance this morning before facing rejection, but has shown some signs of strength since then
Bitcoin’s consolidation in the aftermath of its sharp decline to lows below $ 29,000 has proven positive for altcoins, with Ethereum and most other major cryptocurrencies showing slight momentum.
ETH is now trying to break out of its BTC trading pair, and bulls are pushing it against a key level that has long been considered resistance for the past week.
Where crypto trends in the medium term are likely to depend on a combination of factors including Bitcoin’s price movement as well as its reaction to its short term resistance levels.
One analyst is optimistic that an uptrend is imminent.
Ethereum is rising despite stagnating Bitcoin
At the time of writing, Ethereum is trading over 1% at its current price of $ 1,250. Compared to the Bitcoin trading pair, the company is also increasing by several percent. That dynamic comes with the consolidation of BTC.
Aside from Bitcoin, the entire market looks strong today. Chainlink is making new all-time highs while many other altcoins rally.
Analyst: ETH could go parabolic once the key tier is broken
An analyst recently stated in a tweet that Ethereum is currently at a crossroads between key resistance at $ 1,260 and support in the middle of $ 1,100.
Where the cryptocurrency trends are in the short term will no doubt largely depend on which of these levels is broken first.
“BTC is down 9% to hit its low. ETH would have to move 20% to hit its low. ETH was stronger and still has the daily structure in time. If we look at a 9% correction, we are at a demand point between $ 1140 and $ 1160. The $ 1,260 clawback may be enough to keep you going. “
Image courtesy of Cold Blooded Shiller. Source: ETHUSD on TradingView.
The coming days should shed some light on how Ethereum will ultimately resolve this rapidly forming trading range.
Featured image from Unsplash. TradingView charts.