Ethereum has largely been tracking Bitcoin’s price action lately. However, the price volatility became much harder as we hovered in the $ 1,300 zone.
The cryptocurrency is showing some signs of strength, with the bulls meticulously absorbing all the intense selling pressure it has encountered recently.
This indicates that there are a significant number of investors willing to turn to ETH, providing it with a strong offer during all the falls.
Where Ethereum is trending will undoubtedly depend on Bitcoin. However, it is currently rising against a key resistance level that could be broken soon. Bitcoin had risen to $ 38,000 yesterday with Elon Musk doping.
An analyst compares the current price action with that seen in November, which means that a massive uptrend could be imminent.
Ethereum has been consolidating recently and both buyers and sellers are in a stalemate, largely as it is trading in the $ 1,300 zone.
Currently, $ 1,380 is the key resistance level to watch, as sellers are fervently trying to protect against a break above this level.
However, once it breaks, ETH can see a massive spike that takes it to an all-time high, a possibility that an analyst is watching closely.
Ethereum Bulls Consolidate As Power Up
Ethereum is trading marginally from yesterday’s highs of just over $ 1,400.
The cryptocurrency is in a phase of consolidation that does little to provide insight into where it might head in the medium term.
Bitcoin’s continued response to resistance in the $ 30,000 zone will provide some insight into where major altcoins like Ethereum will go in the next trend.
ETH Shows Signs Of Strength Despite Consolidation
A trader named Mohit Sorout announced in a recent tweet that Ethereum could gear up for a rise similar to the one seen by the cryptocurrency before exploding into the $ 1,000 zone.
He also stated that the buying activity on each bottom shows that the offer for ETH is quite strong.
As long as Bitcoin remains stable, there is a strong possibility that Ethereum will see a big bullish soon.