This fractal suggests that Ethereum is about to enter a phase of parabolic growth

• Ethereum has been the victim of an intense bullish trend over the past few days and weeks, which has helped to erase its underperformance trend
• Where cryptocurrency trends in the days and weeks to come will largely depend on Bitcoin and whether or not it can remain stable in the mid $ 18,000 region
• Every sell-off faced by the benchmark cryptocurrency has been fleeting and followed by a rise, which is an uptrend
• A trader is now pointing to an Ethereum fractal that suggests the cryptocurrency may be in the early stages of its next parabolic advance
• This is when it breaks through its last key resistance level before $ 800

Bitcoin’s stability has allowed the altcoins to rally, with Ethereum leading the charge as it surpasses its last key resistance level before $ 800.

Crypto is currently in the process of attempting to exceed $ 600. The selling pressure here is quite intense and has catalyzed some withdrawals. If firmly surpassed, its next key resistance stands at $ 800, which could mean parabolic gains are imminent.

This theory is confirmed by a fractal recently presented by a famous analyst, which suggests that the parabolic rise is imminent in the short term.

Ethereum shows signs of strength as the bulls try to break out of $ 600

At the time of writing, Ethereum is attempting to break out of $ 600. The selling pressure here has been quite intense and may continue to hold strong in the short term.

However, a clear break above this level would be significant and open the door for a further significant upside.

It is important to note that the resistance here is the last key resistance faced up to $ 800, making a break above this level technically significant.

This fractal suggests that the parabolic upside is imminent

The current market trend is unfolding just as investors had predicted, with Bitcoin leading the charge, slowing once it approaches its all-time highs and allowing altcoins to see explosive momentum.

Ethereum is carrying the charge higher among the altcoins and fractal of an analyst suggests that its uptrend has just begun.

“ETH: everything is aligned,” he said pointing to the graph below.

Image Courtesy of il Capo of Crypto. Chart from TradingView.

Whether or not Ethereum may or may not exceed this level over a long period of time will provide some serious insight into its medium-term prospects.

Featured image from Unsplash.
Charts from TradingView.