Analyst: Ethereum Forming Extremely Bullish Pattern as Bulls Target New Highs
- Ethereum and the entire crypto market is consolidating today following some recent turbulence
- Bulls stepped up after the entire market saw a massive selloff yesterday and absorbed the influx of selling pressure, allowing BTC to rocket past $40,000 and ETH to move higher
- Today, the market has consolidated and drifted slightly lower, although bulls still seem to be poised to catalyze further upside
- One trader is now noting that Ethereum could be well-positioned to see upside in the near-term, adding that its outlook is growing strong by the day
- He is specifically noting that a move up to the $2,000 region could be imminent in the days and weeks ahead
Ethereum has been struggling to gain any immense momentum as it navigated towards the mid-$1,200 region, with the selling pressure here proving to be significant.
Each move towards $1,300 has sparked rejections, and its price has been moving in close tandem with Bitcoin’s.
One analyst believes that the crypto is on the cusp of making a serious push higher. He notes that ETH’s macro-outlook is incredibly bullish, with his first price targets resting within the lower-$2,000 region.
Ethereum Faces Heightened Selling Pressure Due to $1,300 Resistance
At the time of writing, Ethereum is trading down just under 4% at its current price of $1,185. This marks a notable decline from its recent highs of $1,300 set earlier this morning when bulls stepped up and sent its price rocketing higher.
Where the market trends in the mid-term should depend largely on Bitcoin and whether the benchmark crypto can gain a strong foothold above $40,000.
Bulls are struggling to reclaim this level at the present moment, hampering Ethereum’s price action.
Trader: ETH Likely to Surge Past $2,000
One trader explained in a recent tweet that Ethereum’s macro-outlook is growing strong by the day.
He specifically notes that a move past $2,000 is likely to occur in the mid-term and that he wouldn’t be surprised if it went much 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.”
Image Courtesy of @SmartContracter. Source: ETHUSD on TradingView.
The coming few days should offer insight into Ethereum’s mid-term outlook. For the time being, it is showing some subtle signs of weakness as the entire market inches lower.
Featured image from Unsplash. Charts from TradingView.