Ethereum has largely been tracking Bitcoin’s price action lately, but its fluctuations have eased as it hovers in the $ 1,300 zone. The cryptocurrency is showing some signs of strength, with the bulls absorbing all the intense selling pressure it has encountered recently. This shows that there are a significant number of investors eager to invest in ETH, according to analysts, and they have given it a strong bid during all the falls.

 

 

Now where the ETH trend is will undoubtedly depend on Bitcoin, but at the moment ETH is rising against a key resistance level that could soon break. A popular analyst compares the current price action with that seen in November, which means a massive uptrend could be imminent.

 

Mohit Sorout: Ethereum will peak at the beginning of the month before $ 1,000!

Ethereum has been consolidating over the past few weeks, and both buyers and sellers are in a stalemate largely as it trades in the $ 1,300 zone. Right now, $ 1,380 is the key resistance level to watch as sellers are fervently trying to maintain a break above this level. However, once this level breaks, ETH can see a massive rise that takes it to an all-time high. This is a possibility that some analysts are watching closely.

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Watch out for these levels as Ethereum (ETH) reaches its all-time high

As long as Bitcoin remains stable, there is a strong possibility that Ethereum will see a big rise soon. Popular analyst named Mohit Sorout shared Etheruem predictions in his recent analysis. The analyst states that the cryptocurrency could gear up for a rise similar to what it saw in November before crashing into the $ 1,000 zone. Also, Mohit Sorout emphasizes that the buying activity on each bottom shows that the offer for ETH is quite strong. Mohit Sorout adds the following to his comments on the subject:

IT IS ATTENTIONAL THAT ETH HAS SPENT ALMOST THE WHOLE MONTH BY WALKING NEAR 1,300 USD. VERY SIMILAR TO THE BEHAVIOR OF NOVEMBER, THE PRICE EXPLODES IMMEDIATELY AFTER THE BEGINNING OF THE MONTH AND NEVER LOOKING BACK… THE OFFER IS STRONG…

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