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- Ethereum has been following Bitcoin’s price action closely in recent times which has shown it to see great volatility
- The bulls have been trying to secure a stable position above $ 600 for ETH, but the selling pressure here has been quite intense
- Until Bitcoin turns $ 19,000 into a support level and starts pushing higher, ETH could see further consolidation.
- A trader is now observing that a strong daily close above $ 600 may be all that is needed for crypto to push into the $ 700 region.
- It faces a crucial level that could slow its rise, but any force at the market level could allow this level to be quickly surpassed
Bitcoin has been driving Ethereum’s price action in recent times, which has resulted in ETH seeing immense volatility.
While BTC flirts with creating new all-time highs, ETH remains well below its highs of well over $ 1,000 that were set at the height of the market craze.
The buying pressure seen across the market over the past 2 weeks has greatly benefited the cryptocurrency. However, it faces strong resistance between $ 600 and $ 630.
A trader is observing that a strong daily candlestick close between these two levels may be all that is needed for the cryptocurrency to see huge momentum sending it up to $ 700 in the short term.
Ethereum shows signs of strength as the bulls try to claim $ 600
At the time of writing, Ethereum is trading up just over 1% at its current price of $ 593. This is around where it has been trading all morning.
The bulls are eager to break the selling pressure around $ 600, with a break above this level opening the door for further upside.
Once it is surpassed, a key resistance level to watch for is around $ 620.
Analyst: ETH closing above $ 600 could lead to a massive rally
An analyst you think that a daily candle close above $ 600 could be all it takes for Ethereum to see a huge surge that pushes it up to $ 700.
“ETH / USD: Resistance is still being rejected around the $ 630 region, but honestly, I think if we can see a strong daily close above $ 600 today, we could start targeting $ 700 next time. If we have a chance to go. buy $ 550, I am buying with full force because I think it will be the new low. “
Image Courtesy of Cactus. Source: ETHUSD on TradingView.
The next market trend will almost entirely depend on Bitcoin. Any continued strength of BTC could allow Ethereum and other altcoins to see trend-changing momentum.
Featured image from Unsplash. Charts from TradingView.
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