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.

 

 

Power Signs

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.

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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.

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