Crypto News

Ethereum Pushes Against Key Resistance as Chart Shows Signs of “Strong Bid”

  • Ethereum has been largely tracking Bitcoin’s price action as of late, but its swings have been far more tempered as it hovers within the $1,300 region
  • The cryptocurrency has been showing some signs of strength, with bulls ardently absorbing all the intense sell pressure it has faced in recent times
  • This indicates that there’s a significant number of investors keen on gaining exposure to ETH, providing it with a strong bid during all dips
  • Where it trends will somewhat depend on Bitcoin undoubtedly, but it is currently pushing up against a key resistance level that may soon break
  • One analyst is comparing the present price action to that seen in November, which means that a massive upsurge could be imminent

Ethereum has been consolidating throughout the past few days and weeks, with buyers and sellers both reaching an impasse as it largely trades within the mid-$1,300 region.

At the moment, $1,380 is the key resistance level to watch, as sellers have been ardently trying to guard against a break above this level.

Once broken, however, ETH could see a massive upswing that leads it to new all-time highs, which is a possibility that one analyst is closely watching.

Ethereum Consolidates as Bulls Build Strength

At the time of writing, Ethereum is trading down marginally from its recent highs of just over $1,400 set yesterday afternoon.

The crypto is now well-within a consolidation phase that has done little to provide insights into where it may trend in the mid-term.

Bitcoin and its continued reaction to the resistance that sits in the mid-$30,000 region should provide some insights into where major altcoins like Ethereum will trend next.

ETH Shows Signs of Strength Despite Consolidation

One trader explained in a recent tweet that Ethereum could be gearing up for a major push higher similar to that seen by the crypto in November before it exploded into the $1,000+ region.

He also notes that the buying activity on each dip indicates that the bid for ETH is quite strong.

“Noteworthy that $ETH has spent almost entire month hovering near 1300s. Quite similar to its behaviour in November when price exploded up right after at the beginning of month and never looked back. BID is STRONG.”

Ethereum

Image Courtesy of Mohit Sorout. Source: ETHUSD on TradingView.

So long as Bitcoin remains steady, there’s a strong possibility that Ethereum will soon see a large move higher.

Featured image from Unsplash.
Charts from TradingView.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Grayscale Reopens Ethereum Trust After Altcoin...
7 days ago

[…] Grayscale reopening its Ethereum trust has led many to believe that there is the potential for an influx of money to come into ETH. Which would send the crypto to new all-time highs. The announcement also came just a week before […]

CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

Cardano To Update Mary Protocol On March 1
Cardano’s core development team announced that the Mary protocol update will go live on March 1. Input Output also...
FD7 Ventures Converting $750 Million Of Bitcoin Into Cardano, Polkadot Tokens
Dubai-based crypto-investment fund FD7 Ventures is selling $750 million worth of Bitcoin. It will then use the proceeds to...
Grayscale Exploring 23 Cryptocurrencies For Potential Investment Products
Grayscale Investments has revealed the cryptocurrencies that it is considering to create new investment products. The world’s largest digital...
Kobe Bryant NFT Digital Art Is Being Valued At $20,000
Cryptocurrency trader known as “westcoastnft” has been involved in the industry since 2014. Mostly buying and selling Bitcoin over...
Stone Ridge Asset Management Adds Bitcoin To Diversified Alternatives Fund
Stone Ridge Asset Management will make Bitcoin part of its seven strategies for the Stone Ridge Diversified Alternatives Fund....
Kraken Planning To Raise New Funds At Over $10 Billion Valuation
Kraken is in talks with Fidelity, Tribe Capital and General Atlantic. To raise new funds with a target valuation...

Featured Crypto News

Cardano To Update Mary Protocol On March 1
Cardano’s core development team announced that the Mary protocol update will go live on March 1. Input Output also...
FD7 Ventures Converting $750 Million Of Bitcoin Into Cardano, Polkadot Tokens
Dubai-based crypto-investment fund FD7 Ventures is selling $750 million worth of Bitcoin. It will then use the proceeds to...
Grayscale Exploring 23 Cryptocurrencies For Potential Investment Products
Grayscale Investments has revealed the cryptocurrencies that it is considering to create new investment products. The world’s largest digital...
Kobe Bryant NFT Digital Art Is Being Valued At $20,000
Cryptocurrency trader known as “westcoastnft” has been involved in the industry since 2014. Mostly buying and selling Bitcoin over...
Stone Ridge Asset Management Adds Bitcoin To Diversified Alternatives Fund
Stone Ridge Asset Management will make Bitcoin part of its seven strategies for the Stone Ridge Diversified Alternatives Fund....
Kraken Planning To Raise New Funds At Over $10 Billion Valuation
Kraken is in talks with Fidelity, Tribe Capital and General Atlantic. To raise new funds with a target valuation...