ETH’s macro outlook strength has just enhanced as it was closely tracking BTC and caused it to see some consolidation but let’s check on the latest Ethereum news and find out more.
Where will the crypto trend in the mid-term will depend on Ethereum’s continued reaction to the $600 region but the $19,000 level is key for BTC at the moment so that means that $600 is key for ETH as it breaks above the level that usually brings more buying pressure. Where will the cryptocurrency trend in the upcoming days and weeks will depend on BTC as one trader noted that ETH will have some independent macro strength that will allow it to see more upsides in the days and weeks ahead? He is waiting for a move above $1,200 next.
Ethereum and the rest of the crypto market were consolidating over the past few days and both bulls and bears were unable to influence the price action as they reached an impasse with the crypto trading around $600. If it can post a sustained break above the level it could be in a good position for more near-term momentum. But the inability to climb above here, it could lead to some technical weaknesses as one trader expects an imminent move to the $1,200 region noting that ETH’s macro outlook is shaping up for the bulls.
At the time of writing, ETH was trading down marginally at a current price of $596 which is around the same price at which it was trading over the past few days. The consolidation phase cam as BTC started struggling above the $19,000 region as it was influencing ETH’s price action which means it responded to this level and could influence ethereum’s move towards $600. One trader explained in a tweet that Ethereum’s bi-weekly chart is showing some signs of immense technical strength and he believes that a move towards $1,200 will come about in the upcoming months ahead with the 100% increase from the current levels. He said while pointing to the charts:
“ETH / USD: Looking pretty tasty on the bi-weekly chart. Higher!”
Bitcoin will influence Ethereum’s trend in the mid-term and will make it imperative that the asset remains above $19,000.
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