Analyst: Ethereum is Poised to Rally Past $430 Despite Consolidation

  • Ethereum has been showing tremendous signs of strength as it begins moving in lockstep with Bitcoin
  • Despite seeing a selloff on the first day that Bitcoin started rallying, ETH quickly reshaped its previously close correlation with BTC and began surging
  • This surge led its price all the way up to highs of $420 yesterday, which is where it found some slight resistance
  • One analyst believes that this resistance will be swiftly surmounted in the near-term
  • He notes that it may dip towards a liquidity and untested support level first and then rally past $430

Bitcoin, Ethereum, and the aggregated cryptocurrency market have seen some intense bullish price action throughout the past few days.

Initially, when Bitcoin began its ascent after breaking above $12,000, some investors feared that BTC would enter a phase in which it rallies and leaves altcoins behind.

Although this trend lasted for a day, the next day, Ethereum and other major altcoins were able to reform their correlation with the benchmark cryptocurrency and explode higher.

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Many altcoins are now trending upwards, with ETH acting as a guide for these tokens.

One analyst states that Ethereum may sip slightly lower in the near-term to test its near-term liquidity and support. He contends that this will spark a sharp rebound that sends it up past $430.

Ethereum Consolidates Alongside Bitcoin as Momentum Stalls 

At the time of writing, Ethereum is trading up marginally at its current price of $418. This is around where it has been trading throughout the past 24 hours, being unable to break above $420.

If this level is surmounted, it will likely mark the next phase of the ongoing bull trend.

Another firm rejection here, however, could prove to be somewhat grave, signaling that a retrace is imminent in the near-term.

Analyst Claims a Move to Key Support Could Lead ETH to Rocket Higher 

One analyst recently stated that he is watching for Ethereum to make a move down to its key liquidity region around $408 before it sees any further upside.

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He notes that a defense of this level could easily spark a move past $430 – a target seen while looking towards the below chart.

“Liquidity + untested support, please give fill.”

Image Courtesy of Chase_NL. Source: ETHUSD on TradingView.

How Ethereum trends in the coming few days will provide some serious insights into its mid-term outlook.

Featured image from Unsplash.
Charts from TradingView.

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Author: Cole Petersen

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