ETH Parabola Is Imminent As It Approaches Crucial Level At $600

An ETH parabola is imminent as it approaches the crucial $600 level which has long been a pivotal point for different trends. The level held strong on multiple occasions as a resistance which made it able to break above if it becomes technically significant so let’s read more in today’s Ethereum price news analysis.

One trader noted that a serious move higher could be imminent for ETH in the near-term and pointed to a macro accumulation range that ETH started to exit from and said that it was within this range for quite some time than BTC was. If it posts a strong break above this range as BTC did, it could mean that a huge movement to the upside is imminent in the near-term. ETH was flashing signs of immense strength as BTC rallies higher and the push past $19,000 allowed ETH to shoot past $600 which was seen as a pivotal level forever.

Periods of trading above this level were short-lived and bears even tried to stop it from posting long-term breaks above this price. with that being said, ETH is nearing the end of the long-held accumulation level which was caught within a year ago, similar to the one BTC broke out of before seeing a parabolic rally. As such, one analyst thinks that an ETH parabola is forming and Ethereum will skyrocket soon.

The market is in the bulls’ control with the recent selloff being fleeting as the buyers were hoping to protect BTC and lead it to a new high. At the time of writing, Ethereum is trading up over 4% with a current price of $592 which marks a notable increase from its lows of $528 that was set in the previous selloff.  One trader explained in a tweet that ETH will exit a multi-year trading range that is similar to the one seen by BTC before the parabolic rise:

 “ETH: Anatomy of a BULLISH chart. P.S. Ethereum accumulation range was bigger than the Bitcoin one.”

If history repeats, Ethereum will be on the cusp of seeing a huge push higher that leads it back to the new all-time high.

As recently reported, Grayscale just bought more than $74 million for its Ethereum trust which is an SEC-registered way to invest in the cryptocurrency.