Ethereum consolidates with the rest of the market which has come due to Bitcoin’s bout of trading between $11,400 and $11,600 so we are reading furthermore about it in the latest Ethereum news.
ETH is trading above the critical level that was previously struggling to surpass and there’s a bullish sign that shows it could be well-positioned for a strong move higher into the near-term. With all that being said, one analyst believes that ETH’s price could drift lower while still maintaining the bullish market structure. He also believes that the $360 is a critical level.
Bitcoin was leading Ethereum and the rest of the market to see a prolonged bout of sideways trading which has done nothing to offer investors insights into where the market could even trend in the near-term. ETH is trading above $380 which is an incredibly bullish sign which indicates that it could be well-poised to push higher. This level is pivotal for the crypto and the recent flip of into support that is a promising sign. One analyst noted that the $360 is the key macro support which has to be defended as a break below that will derail its current technical strength.
Ethereum consolidates with the rest of the market and trades up marginally at a current price of $382 which marks a notable decline from the recent highs of nearly $400 that was set a few days ago. It is important to keep in mind that the asset was closely tracking Bitcoin’s move which means that where it will trend next could depend on whether or not the number one cryptocurrency will push higher or will crash lower. For Ethereum to start another uptrend, it is imperative to break above the $400 price level as the next key resistance to watch closely for.
While sharing his thoughts on ETH’s recent price action, one analyst said that the current market structure for Ethereum remains strong as long as it continues trading above $360:
“ETH / USD: Still finding it hard not to be bullish… Price would have to break below $360 for any real shift in momentum to the downside, healthy looking PA.”
Unless Bitcoin breaks below the support in the lower $11,000 region which seems as though the cryptocurrency is well-positioned to see even more near-term upsides.
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