Ethereum starts forming bullish patterns as the bulls are trying to lead the coin to a new high despite the consolidation on the market and the recent turbulence so let’s read more in today’s Ethereum news.
The ETH bulls stepped up after the entire market saw a huge sell-off yesterday and absorbed the influx of selling pressure which allowed BTC to hit $41,000 and ETH to move higher as well. The market consolidated and drifted lower but the bulls seem to be poised to catalyze more upsides. One trader noted that ETH will be in a good position to see an upside in the near term and this outlook grows strong by the day. He noted that a move above $2000 could be imminent in the days and weeks ahead.
Ethereum had a hard time gaining immense momentum since it entered into the mid-$1200 region with the selling pressure being strong here at these levels. Each move towards $1300 sparked many rejections and the price was moving in close tandem with the one of BTC. One analyst thinks that crypto is on the cusp of making a huge push higher and noted that the ETH macro-outlook is bullish with the first price target resting in the lower $2000 region. At the time of writing, ETH is trading down by 4% with a current price of $1185 and this marks a huge decline from the recent $1300 high, set earlier yesterday when the bulls stepped up and took the price on a rising trip.
As Ethereum starts forming bullish patterns, the market still depends largely on BTC and whether the benchmark crypto is able to gain a strong foothold above the $40,000 region. The bulls are having a hard time reclaiming this level right now which only hampers Ethereum’s price action. One trader explained that Ethereum’s macro-outlook is growing stronger every day. He noted that a move past $2000 will soon happen and he was not surprised if ETH goes even higher:
“ETH on a macro timeframe is mega bull bull bull imo. Monster extended w3 probably underway, with each leg up extending again. There’s no doubt in my mind that it trades at all time high this year probably much sooner than i have it showing.”
The upcoming few days should offer more insight into Ethereum’s mid-term outlook since it is showing a few signs of weakness with the market inching lower.
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