Ethereum to target the $780 looks like a viable chance as of late since its technical strength increases, despite the lackluster price action over the past few days. The price action followed Bitcoin’s movement as it led the crypto market into a consolidation phase as reported in the previous Ethereum price news.
The pivotal level for ETH right now seems to be set at $600 as the selling pressure here proves to be of significant importance in the past. Each break above this level was short-lived and followed by a few rejections. As such, it is imperative that ethereum to target the new level will have to post a swift and decisive break above the level in the upcoming few days. One trader thinks that an upside is imminent as he is looking towards $780 as a near-term upside target.
ETH and the entire cryptocurrency market was caught in the throes of an intense bout of consolidation over the past few days. ETH and the entire crypto market were caught in an intense bout of consolidation over the past few days which came in the midst of BTC struggling to set a new all-time high despite that it hovered below them for a week now. ETH’s price action was similar to the one for Bitcoin but where it will trend in the near-term depends largely on the reaction to $600. One trader thinks that a break above this level could be imminent and followed by a parabolic leg-higher which leads towards a $780 level.
At the time of writing, ETH was trading down just over 1% with a current price of $597 after it was stuck below the $600 for the past few days. the price action did almost nothing to offer the investors some insights into the mid-term outlook as the macro trend resists in the hands of BTC. Until BTC is able to set a fresh all-time high above $19,800, there’s a strong chance that the entire market will remain calm.
One trader explained in a tweet that a move past $700 and $780 could come about in the near-term. He noted that $620 level is yet to be broken above which is the key level that could trigger the move higher:
“Another good weekly close to the upside for ETH. $620s is still the area that price needs to break above, if ETH can break this level – it can really fly. With next targets above $700 and at $780s on the weekly.”
Where will the entire market trend in the mid-term depend mostly on BTC with the bullish EHT rally coming to fruition if BTC sets a new all-time high.
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